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Calculate the depreciation expense

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Question - Cheyenne Corp. purchased a machine on July 1, 2020, for $32,060. Cheyenne paid $220 in title fees and a legal fee of $300 related to the machine. In addition, Cheyenne paid $520 in shipping charges for delivery, and $500 to a local contractor to build and wire a platform for the machine on the plant floor. The machine has an estimated useful life of 10 years, a total expected life of 12 years, a residual value of $5,400, and no salvage value. Cheyenne uses straight-line depreciation.

Calculate the 2020 depreciation expense if Cheyenne prepares financial statements in accordance with IFRS.

Calculate the 2020 depreciation expense if Cheyenne prepares financial statements in accordance with ASPE.

Reference no: EM132606125

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