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Marigold Corporation purchased a new plant asset on April 1, 2020, at a cost of $780,000. It was estimated to have a useful life of
Marigold Corporation purchased a new plant asset on April 1, 2020, at a cost of $780,000. It was estimated to have a useful life of 20 years and a residual value of $360,000, a physical life of 30 years, and a salvage value of $0. Marigold's accounting period is the calendar year. Marigold prepares financial statements in accordance with IFRS. Calculate the depreciation for this asset for 2020 and 2021 using the straight-line method. (Round answers to 0 decimal places, eg. 5,275.) Depreciation 2020 $ 210000 2021 $ $ 210000 Calculate the depreciation for this asset for 2020 and 2021 using the double-declining-balance method. (Round answers to O decimal places, e.g. 5,275.) Depreciation 2020 78000 2021 $ 70200 Calculate the depreciation for this asset for 2020 and 2021 using the straight-line method and assuming Marigold prepares financial statements in accordance with ASPE. (Do not round intermediate calculations and round answers to decimal places, e.g. 5,275.) Depreciation 2020 $ $ 26000 2021 $ 21000 Assume that additional information has been provided relating to the cost ($780,000). There are three components of the plant asset. Components 1, 2, and 3 have costs of $390,000, $252,000, and $138,000, respectively. The useful lives of components 1, 2, and 3 are 25, 20, and 30 years, respectively. Determine straight-line depreciation expense for 2020 and 2021 for each component under IFRS if the residual value is $130,000 for component 1, $128,000 for component 2, and $102,000 for component 3. (Do not round intermediate calculations and round answers to 0 decimal places, e.g. 5,275.) Depreciation expense 2020 2021 Component 1 $ 10400 $ $ 10400 Component 2 $ $ $ 6200 $ 6200 Component 3 1200 A 1200
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