D. Calculate the depreciation charge for 2024 under sum-of-the-years'-digits methed. (Round answer to 0 decimal...
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Accounting
D. Calculate the depreciation charge for 2024 under sum-of-the-years'-digits methed. (Round answer to 0 decimal place, e.g. 5,275.)
Depreciation charge for 2024
Calculate the depreciation charge for 2024 under CCA at 20%.
Depreciation charge for 2024
E. Assume that Monty is a small privately owned company that follows ASPE and uses straight-line depreciation. How would depreciation expense differ, if at all?
Under ASPE
Under IFRS
Depreciation expense under ASPE is equal or not equal to depreciation under IFRS ?
Monty Corp. purchased machinery for $495,000 on May 1,2023 . It is estimated that it will have a useful life of 10 years, residual value of $15,000, production of 480,000 units, and 30,000 working hours. The machinery will have a physical life of 15 years and a salvage value of $3,000. During 2024 , Monty used the machinery for 2,650 hours and the machinery produced 24,500 units. Monty prepares financial statements in accordance with IFRS. From the information given, calculate the depreciation charge for 2024 under each of the following methods, assuming Monty has a December 31 year end
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