O’Dell Vegetables purchased a harvesting machine on July 1, 2013, for $984,000. The machine was estimated to have a useful life of 8 years with an estimated salvage value of $140,000. O’Dell uses the straight-line method of depreciation. During 2016, it became apparent that the machine would become uneconomical after December 31, 2020, and that the machine would have no scrap value. What should be the charge for depreciation in 2016 under generally accepted accounting principles?A : $154,600 B : $135,300 C : $144,050 D : $153,688
Method of depreciation
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