Synergy Ltd. purchased an equipment on January 1, Year 1 for 200,000. The equipment has...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Synergy Ltd. purchased an equipment on January 1, Year 1 for 200,000. The equipment has a four-year life, no residual value, and is depreciated on a straight line basis. On January 1, Year 2, the company conducted its first revaluation when the fair value was 240,000.
What was Year 2 depreciation expenses under IFRS and under U.S.GAAP, respectively?
A.
Under IFRS: $50,000; Under U.S.GAAP: $50,000
B.
Under IFRS: $80,000; Under U.S.GAAP: $50,000.
C.
Under IFRS: $80,000; Under U.S.GAAP: $80,000.
D.
Under IFRS: $60,000; Under U.S.GAAP: $50,000.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
