Brief Exercise 11-3 Monty Corp. purchased a machine on July 1, 2020, for $30,975. Monty paid $250 in title fees and a legal fee of $125 related to the machine. In addition, Monty paid $550 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 $6,400, and no salvage value. Monty uses straight-line depreciation.

Calculate the 2020 depreciation expense if Monty prepares financial statements in accordance with IFRS.

Depreciation expense

$enter the Depreciation expense in dollars

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Calculate the 2020 depreciation expense if Monty prepares financial statements in accordance with ASPE.

Depreciation expense

$enter the Depreciation expense in dollars