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Calculate cost of depreciation for year

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Reference no: EM133171842

Question - Focus Eye Bhd purchased an auto-refractor to be used during an eye examination on 1 January 2020 for RM36,000. It is estimated that the equipment will be used for 10 years and it could be sold at the end of useful life for RM4,000 (scrap value/residual value). Accounting period was 31 December every year.

i. Using straight line method, calculate the cost of depreciation for year 2020 and prepare journal entries.

ii. If the equipment was acquired on 1 July 2020 calculate cost of depreciation for year 2020 if based on monthly basis prepare journal entries.

Reference no: EM133171842

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