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Deens Ltd bought a machine on 1 January 2018 for N$1 600 000. The machine has to be inspected every 6 000 hours which means a major inspection will be carried out every 2 years. The estimated cost of the major inspection is $150 000. The machine has a useful life of 8 years.
Required:
Question a) Calculate depreciation and Carrying amount of the machine for 2018 and 2019 if everything goes according to plan.
Question b) If due to several factors, the inspection needed to be done after 18 months instead of 2 years and the cost of the major inspection amounted to N$200 000. Show how this matter will be disclosed in PPE note for the year ended 31 December 2019. Machine is the only asset of the entiry.
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