Trekkers Footwear bought a piece of machinery on January 1, 2010 at a cost of $2.3 million, and the machinery is being depreciated annually at an amount of $230,000 for 10 years. Its market value on December 31, 2012 is $1.75 million. The company's accountant is preparing its financial statement for the financial year end on December 31, 2012. The asset's value should be recognised on the balance sheet at:
A) $2.3 million.
B) $1.61 million.
C) $230,000.
D) $1.84 million.
Correct Answer:
Verified
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