Question: On August 31, 2018. ABC Corp (with a December 31 year end) purchased a piece of machinery for $450,000. This machinery is used to produce

On August 31, 2018. ABC Corp (with a December 31 year end) purchased a piece of machinery for $450,000. This machinery is used to produce inventory. The estimated salvage value of this machinery is $50,000. The estimated useful life is 5 years. ABC Corp estimates that this machinery will produce 1,000,000 units of inventory over its useful life. Actual activity for 2018-2020 is as follows: 2018: 2019: 2020: 100,000 units of inventory produced 275,000 units of inventory produced 300,000 units of inventory produced What is accumulated depreciation for this machinery as of December 31, 2020 assuming ABC Corp uses straight-line depreciation? $240,000 $186,667 $80,000 $26,667 11 anners

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