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Pronghorn Corp. purchased a machine on July 1, 2020, for $29,590. Pronghorn paid $270 in title fees and a legal fee of $250 related to the machine. In addition, Pronghorn paid $590 in shipping charges for delivery, and $500 to a local contractor to build and wire a platform for the machine on the plant floor. The machine has an estimated useful life of 10 years, a total expected life of 12 years, a residual value of $6,600, and no salvage value. Pronghorn uses straight-line depreciation.
Problem 1: Calculate the 2020 depreciation expense if Pronghorn prepares financial statements in accordance with IFRS.
Problem 2: Calculate the 2020 depreciation expense if Pronghorn prepares financial statements in accordance with ASPE.
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