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Question: Clever Craig purchased a new excavator for his landscaping business on 1 January 2017 at a cost of $107,800 GST exclusive. The estimated residual value is $8,000. The excavator has a useful life of 10 years and the business expects to use it for 20,000 hours. The used for 1,500 hours in year 1; 2,200 hours in year 2; 1,900 Hours in year 3; 2,400 hours in year 4; 1,600 hours in year 5. The ends of financial year is 30 June.
- Calculate depreciation using the straight-line method for 2017 and 2018
- Prepare a depreciation schedule for the first 3 years ending 30 June using the diminishing balance depreciation method. Assume the depreciation rate to be double the straight-line rate.
-Calculate depreciation using the units-of-production method (based on hours) for 2017 and 2018.
1.On January 1, 2013, Canseco Plumbing Fixtures purchased equipment for $30,000. Residual value at the end of an estimated four year service life is expected to be $2,000.
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data for 2013 were as follows pbo january 1 244000 and december 31 274000 pension plan assets january 1 190000 and
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