What is the depreciation charge for the year ended

Reference no: EM132795688

Question - XYZ Co purchased a machine with an estimated useful life of 5 years for $34,000 on 30 September 20X5. XYZ Co planned to scrap the machine at the end of its useful life and estimated that the scrap value at the purchase date was $4,000. On 1 October 20X8, XYZ revised the scrap value to $2,000 due to the decreased value of scrap metal.

Required -

a) What is the depreciation charge for the year ended 30 September 20X9?

b) Prepare relevant T Accounts.

Reference no: EM132795688

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