On May 5, 2009, Lloyd purchased a machine for $84,000. The estimated life of the machine was 10 years, with an estimated residual value of $10,000. The service life in terms of “output” is estimated at 8,000 hours of operation.
Refer to the data above. Assume Lloyd uses the units-of-output method, and that the machine was in operation for 1,000 hours in 2009 and 1,800 hours in 2010 The book value of the machine at December 31, 2009, is:
a $48,100. b $58,100. c $25,900. d Some other amount.
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