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Riverbed Corporation bought a machine on June 1. 2019, for $32.400, to.b. the place of manufacture. Freight costs were $500, and $700 was spent to
Riverbed Corporation bought a machine on June 1. 2019, for $32.400, to.b. the place of manufacture. Freight costs were $500, and $700 was spent to install it. The machine's useful life was estimated at 10 years, with a residual value of $1,900, while the machine's plysicall life was estimated at 11 years, with no residual value. On June 1, 2020. a part that was designed to reduce the machine's operating costs was added to the machine for a cost of $1.530. On June 1, 2023, the company bought a new machine with greater capacity for a cost of $35,000, delivered. A trade-in value was received on the old machine equal to its fair value of $19,220. The cost of remeving the old machine froen the plant was $125, and the cost of installing the new machine was $1.400. It was estimated that the new machine would have a useful lite of 10 years, with a residual value of $3,800 Assuming that depreciation is calculated on the straight-line basks, determine the amount of amy gain or loss on the disposal of first machine on June 1, 2023, and the amount of depreciation that should be provided during the company's current fiscal yea which begins on June 1, 2023. The financial statements are prepared under IFR5. (Round answers to 0 decimal ploces, es. 5,275.) on the disposal of the first machine on June 1,2023$ Depreciation for the year beginning June 1, 2023 $
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