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How much expense should ABC Ltd recognize

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Question - ABC Ltd. is a toy manufacturing company. It purchased new equipment costing $ 20,000 on December 27, 2021. The company uses units of production depreciation. The new equipment is expected to produce 15,000 toys per year and has a residual value of $ 3,000 and a useful life of 5 years. The first toy was manufactured on Jan 5, 2022. How much expense should ABC Ltd. recognize in its Dec 31, 2021 financial statements?

Reference no: EM133156365

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