Reference no: EM132980549
Question - On April 11, 2020, RGR Textiles purchases a machine. RGR records depreciation on assets purchased or sold during the year to the nearest whole month. RGR has a November 30 year end. Facts concerning the machine follow:
Cost $159,000
Useful life (in years) 4
Physical life (in years) 7
Residual value $57,240.00
Salvage value zero
Number of units produced with machine in 2020 22,000
Number of units produced with machine in 2021 28,200
RGR Textiles estimates that the machine will produce 125,400 units over its estimated useful life.
Required -
1. Assume that RGR Textiles follows IFRS.
a. Calculate the 2020 and 2021 depreciation expense assuming a straight-line method.
b. Calculate the 2020 and 2021 depreciation expense assuming the units of-production method is used.
2. Assume that RGR Textiles follows ASPE. Determine the 2020 and 2021 depreciation expense if the straight-line method is chosen.
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