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Question - At 30 June 2019, the financial statements of McMaster Ltd showed a building with a cost (GST Inclusive) of $310,200 and accumulated depreciation of $152,000. The business uses the straight-line method to depreciate the building. When acquired, the building's useful life was estimated at 30 years and its residual value at $42,000. On 1 January 2020, McMaster Ltd made structural improvements to the building costing $96,800 (GST Inclusive). Although the capacity of the building was unchanged, it is estimated that the improvements will extend the useful life of the building to 40 years, rather than the 30 years originally estimated. No change is expected in the residual value. (GST RATE = 10%)
Required -
1. Calculate the number of years the building had been depreciated to 30 June 2019.
2. Prepare the required journal entries to record the cost of the structural improvements on 1 January 2020.
What is the depreciation expense for the current year, assuming the straight line method is used
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