60.1K
Verified Solution
Link Copied!
On 30 June 2021, the following information was available for a machine:
- Purchased on 1 July 2017, cost $80,000, useful life 5 years, residual value $5,000.
- Fair value recorded on 30 June 2020 was $40,000
- Straight line depreciation is applied for machinery
On 30 June 2021, the amount that should be recorded for depreciation expense on the machine is:
Select one:
a.
$7,000
b.
$20,000
c.
$15,000
d.
$17,500
Answer & Explanation
Solved by verified expert
