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Question - Gilles Corp. purchased a piece of equipment on February 1, 2020, for $100,000. The equipment has an estimated useful life of eight years, with a residual value of $25,000, and an estimated physical life of 10 years, with no salvage value. The equipment was delivered to Gilles's factory floor, installed, and in working condition, on March 1, 2020. On April 1, 2020, Gilles's staff used the equipment to produce the first saleable units.
a. Calculate the 2020 depreciation expense if Gilles uses straight-line depreciation and prepares financial statements in accordance with IFRS.
b. Calculate the 2020 depreciation expense if Gilles prepares financial statements in accordance with ASPE. Do not round intermediate calculations and round the final answer to the nearest dollar.
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