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What is the depreciation expense for the year ended December

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Q1. On August 31, 2019, ELEVEN Company purchased a new machinery for 540,000. The machinery has an estimated useful life of 5 years and depreciation is computed using the SYD method. Estimated salvage value of the machine is 60,000. What is the total accumulated depreciation on December 31, 2020? If ELEVEN decides to change its depreciation method to straight-line at the start of 2021, what is the depreciation expense for the year ended December 31, 2021?

Q2. RAINBOW Company acquired a building on January 1, 2017 at a cost of 20,000,000. The building had a useful life of six years and residual value of 2,000,000. The building was revalued on January 1, 2020 and the revaluation revealed replacement cost of 30,000,000, residual value of 4,000,000 and revised useful life of 8 years from the date of acquisition. What is the revaluation surplus on January 1, 2020?

Q3. On July 1, 2020, SFEE Company purchased the rights to a mine for 13,200,000, of which 1,200,000 was allocable to the land. Estimated reserves were 1,500,000 tons. The entity expects to extract and sell 25,000 tons per month. The entity purchased mining equipment on July 1, 2020 for 9,500,000. The mining equipment had a useful life of eight years. However, after all the resources are removed, the equipment will be of no use and will be sold for 500,000. What is the depletion for 2020?

Reference no: EM132948256

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