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Calculate the amount of depreciation expense for each year

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Reference no: EM132531551

Question - Keating Ltd purchased new equipment on 1 January 2019, at a cost of $590,000. The company estimated that the equipment has a useful life of 5 years and a residual value of $45,000. Ignore GST.

Required - Assuming a financial year ending 30 June, calculate the amount of depreciation expense for each year ending 30 June 2019 through to 30 June 2024 with each of the following methods:  (Show all workings)

i. Straight line

ii. Diminishing balance.

Reference no: EM132531551

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