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Provide the deprecation entries for the first two years

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An item of plant is acquired at a direct cost of $110 000. It requires insulation and modifications amounting to $20 000 and $10 000, respectively, before it is efficiently operational. It is expected to have a useful life of six years, at which point it will have a residual value of $15 000

Required:

Problem 1: Provide the deprecation entries for the first two years using:

(a) The sum-of-digits method
(b) The straight-line method

Reference no: EM132739939

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