Machinery was purchased for $380000 on january 1, 2022. freight charges amounted to $16000 and there was a cost of $38000 for building a foundation and installing the machinery. it is estimated that the machinery will have a $60000 salvage value at the end of its 5-year useful life. what is the amount of accumulated depreciation at december 31, 2023 if the straight-line method of depreciation is used?
