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On 1 January 20x1, Sunrise Company purchased a new machinery for $50,000. They expect to use it for FIVE years and the estimated residual value of the machinery is $3,000.
Required:
Question 1. What is the net book value of the machinery on 31 December 20x3 if Sunrise Company uses the straight line method of depreciation? Show workings.
Question 2. What is the depreciation expense on 31 December 20x3 if Sunrise Company uses the reducing balance method of depreciation and the depreciation rate is 20%. Show workings.
Question 3. What is the profit or loss on disposal if Sunrise Company uses the straight line depreciation method and sells the machinery for $10,500 during the year ended 31 December 20x4. Full year depreciation is charged in the year of disposal. Show workings.
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