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Coffee Hut purchased a coffee machine on the 1 January 2017 for $58,000. The expected useful life is 7 years, or 100,000 coffees. The residual value is expected to be $2,000. The company uses an approximated reducing balance rate of 20%. Sales (in cups) for coffee was as follows; 2017 5,000 cups 2018 6,500 cups
Required:
Question 1: Calculate the annual depreciation expense for two (2) years (at the end of 2017 and 2018) using the following methods;
1. Straight Line method
2. Reducing balance method
3. Units of production method
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