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Sarasota Corp. purchased a machine on July 1, 2020, for $30,940. Sarasota paid $250 in title fees and a legal fee of $100 related to
Sarasota Corp. purchased a machine on July 1, 2020, for $30,940. Sarasota paid $250 in title fees and a legal fee of $100 related to the machine. In addition, Sarasota paid $560 in shipping charges for delivery, and $550 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 $6,200, and no salvage value. Sarasota uses straight-line depreciation. Calculate the 2020 depreciation expense if Sarasota prepares financial statements in accordance with IFRS. Depreciation expense $ $ eTextbook and Media Calculate the 2020 depreciation expense if Sarasota prepares financial statements in accordance with ASPE. Depreciation expense $ $ e Textbook and Media
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