On January 1, 2014, Detroit Ltd. bought machinery for $500,000. They used straight-line depreciation for this machinery, over an estimated useful life of ten years, with no residual value. At the beginning of 2017, Detroit decided the estimated useful life of this machinery was only eight years (from the date of acquisition), still with no residual value. For calendar 2017, the depreciation expense for this machinery is

2 points

$50,000.

$62,500.

$70,000.

$100,000.

With regard to disclosures required under IFRS and ASPE, which of the following statements is INCORRECT?

1 point

IFRS requires separate disclosure of taxes on income.

IFRS requires separate disclosure of interest received and paid and dividends received and paid.

ASPE does not require reporting and explanation of the amount of cash and cash equivalents that have restrictions on their use.

ASPE does not require separate disclosure of taxes on income.