Calculate the amount of depreciation expense

Reference no: EM132086122

Question: Westland Ltd purchased new equipment on 1 January 2016, at a cost of $680 000 net of GST. The company estimated that the equipment has a useful life of 6 years and a residual value of $50 000.

Assuming a financial year ending 30 June, calculate the amount of depreciation expense for each year ending 30 June 2016 through to 30 June 2020, with each of the following methods:

Straight-line

Diminishing balance (round the percentage to the nearest 1%)

Reference no: EM132086122

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