South Company purchased a machine that was installed and placed in service on January 1 2007 at a cost of

Question

South Company purchased a machine that was installed and placed in service on January 1, 2007 at a cost of

$240,000.00. Salvage value of the machine was estimated at $40,000.00. The machine is being depreciated over 10 years using the double-declining method. For the year ending December 31, 2008, what amount should South Company report as its depreciation expense in its general ledger account?

Business