Phillips Ltd. purchased a machine on 26 March 20x3 for $148,000 and began to use it immediately. The estimated useful life of the machine is 5 years, and it has an expected residual value of $12,700 at that time. Phillips uses straight-line depreciation Required: 1&2. Calculate annual depreciation for 20x3 through 20X8 assuming that depreciation is calculated to the nearest month using three accounting conventions: a. Half-year convention b. Full-first-year convention c. Final-year convention Month Half year Full first year Final year Year 20X3 20X4 20X5 20X6 20x7 20X8 Next > PA