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Question - India Golf Ltd is a company involved in the manufacture of state-of-the-art office equipment. On 1st July 2016 the company purchased a new, numerical controlled moulding machine at a total cost (excl GST) of $655,000. It was estimated that the machinery will be used by the company for about 8 years, at which time a scrap value of $125,000 was considered realistic. The company estimated that the machine would have a useful life of around 16,640 hours. The usage pattern for the first few years (to 30th June) has been as follows:
Year to Usage (hours)
30th June 2016 900
30th June 2017 2,080
30th June 2018 2,250
30th June 2019 2,400
Calculate depreciation expense for the machine for the 12 months to 31st December 2019 under each of the following methods:
(a) Units of use
(b) Diminishing balance (assume a diminishing balance depreciation rate 18% p.a.
(c) Straight line (assuming an estimated life of 8 years)
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