On January 2, 2003, Union Co. purchased a machine for $264,000 and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On January 2, 2006, Union determined that the machine had a useful life of six years from the date of acquisition and will have a salvage value of $24,000. An accounting change was made in 2006 to reflect the additional data. The accumulated depreciation for this machine should have a balance at December 31, 2006, of
- $176,000
- $160,000
- $154,000
- $146,000