Reference no: EM133429
Question :
Goldman Corporation purchased a machine on 1st June, 2010, for $55,332, f.o.b. the place of manufacture. Freight to the point where it was set up was $348, and $870 was expended to install it. The machine's useful life was evaluated at 10 years, with a salvage value of $4,350. On June 1, 2011, an necessary part of the machine is replaced, at a cost of $4,698, with one designed to reduce the cost of operating the machine. The cost of the old part and related depreciation cannot be evaluated with any accuracy.
On 1st June, 2014, the company purchases a new machine of greater capacity for $60,900, delivered, trading in the old machine which has a fair value and trade-in allowance of $34,800. To prepare the old machine for elimination from the plant cost $131, and expenditures to install the new one were $2,610. It is evaluated that the new machine has a useful life of 10 years, with a salvage value of $6,960 at the end of that time. The exchange has commercial substance.
Consider that depreciation is to be evaluated on the straight-line basis, evaluate the annual depreciation on the new equipment that could be provided for the fiscal year beginning 1st June, 2014.
Depreciation for the year starting 1st June, 2014
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