Pearson Company bought a machine on January 1, 2014. The machine cost $144,000 and had an expected salvage value of $24,000. The life of the machine was estimated to be 5 years. The book value of the machine at the beginning of the third year would be
a. $144,000.
b. $120,000.
c. $96,000.
d. $48,000.
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