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Prepare a depreciation schedule for the first three years

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Reference no: EM133115173

Question - Harvest green ltd purchase a new excavator for the landscaping business on 1st April 2030 at a cost of $ $145000 GST EXCLUSIVE. The estimated residual value is $ 15000. The excavator has useful life of 10 years and the business expect to use it for 28500 hours. It was used for hours in year 1;3000 hours in year 2; 2500 hours in year 3; 2400 hours in year 4; 2100in year 5. The end of financial year is 30 June.

Required -

1. Calculate depreciation using straight line method for 2020 and 2021?

2. Prepare a depreciation schedule for the first three years ending 30 June using diminishing balance depreciation method. Assuming the depreciation rate to be double the straight line rate.

Reference no: EM133115173

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