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Calculate the depreciation expense for culver corp

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Culver Corp. purchased a machine on July 1, 2020, for $32,040. Culver paid $260 in title fees and a legal fee of $300 related to the machine. In addition, Culver paid $600 in shipping charges for delivery, and $400 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 $6,500, and no salvage value. Culver uses straight-line depreciation.

Problem a. Calculate the 2020 depreciation expense if Culver prepares financial statements in accordance with IFRS.

Problem b. Calculate the 2020 depreciation expense if Culver prepares financial statements in accordance with ASPE.

Reference no: EM132808990

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