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Calculate the annual depreciation for three years

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Reference no: EM133015548

Question - Unisoft Limited bought a Machine for $259,000 and the useful life of the machine is estimated to be 4 years. The salvage value of the machine at the end of its life span is expected to be $9,000. The estimated running hours of the machine are given below:

Year

Running Hours

1

4,290

2

3,960

3

3,425

4

825

Required -

(a) Calculate the annual depreciation for 3 years using the following methods of depreciation:

(i) Straight Line Method

(ii) Units of Use Method

(b) Briefly discuss the following accounting concepts that are used in the preparation of financial statements:

(i) Historical Cost Concept

(ii) Going Concern Concept

(iii) Accounting Period Concept

Reference no: EM133015548

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