On January 1, 2007, Flax Co. purchased a machine for

$528,000 and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On January 1, 2010, Flax determined that the machine had a useful life of six years from the date of acquisition and will have a salvage value of $48,000. An accounting change was made in 2010 to reflect these additional data.

The accumulated depreciation for this machine should have a balance at December 31, 2010, of

a. $292,000

b. $308,000

c. $320,000

d. $352,000