Solution-Calculate depreciation on the drilling machine for

Calculate depreciation on the drilling machine for 2011

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Reference no: EM13539971

On March 30, 2011, Calvin Exploration purchased a drilling machine for $840,000. The estimated useful life of the machine is 10 years, and no residual value is anticipated.

An important component of the machine is the drill housing component that will need to be replaced in five years. The $200,000 cost of the drill housing component is included in the $840,000 cost of the machine. Calvin uses the straight-line depreciation

Required:

a. Calculate depreciation on the drilling machine for 2011 and 2012 applying the typical U.S. GAAP treatment.

b. Repeat requirement 1 applying IFRS.

Reference no: EM13539971

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Calculate depreciation on the drilling machine for 2011

Reference no: EM13539971

Reference no: EM13539971

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