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Bramble Corp. purchased machinery for $615,000 on May 1, 2023. It is estimated that it will have a useful life of 10 years, residual
Bramble Corp. purchased machinery for $615,000 on May 1, 2023. It is estimated that it will have a useful life of 10 years, residual value of $15,000, production of 300,000 units, and 30,000 working hours. The machinery will have a physical life of 15 years and a salvage value of $3,000. During 2024, Bramble used the machinery for 2,550 hours and the machinery produced 27,000 units. Bramble prepares financial statements in accordance with IFRS. From the information given, calculate the depreciation charge for 2024 under each of the following methods, assuming Bramble has a December 31 year end. (a) Calculate the depreciation charge for 2024 under straight-line method. Depreciation charge for 2024 $
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