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Calculate depreciation using the units-of-production method

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Question - Gerals Green purchased a new excavator for his landscaping business on 1 April 2019 at a cost $114500 GST inclusive. The estimated residual value is $9500. The excavator has a useful life of 10 years and the business expects to use it for 25,000 hours. it was used for 1800 hours in year 1; 2,600 hours in year 2; 2100 hours in year 3; 2,400 hours in year 4; 1,900 hours in year 5. The end of financial year is 30 June.

(a) Calculate depreciation using the straight- line method for 2019 and 2020?

(b) Produce 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.

(c) Calculate depreciation using the units-of-production method (based on hours) for 2019 and 2020?

Reference no: EM132847032

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