ars and a residual value of $372,000, a physical life of 30 years, and a salvage value of $0. Sheffield's accounting period is the lendar year. Sheffield prepares financial statements in accordance with IFRS. Calculate the depreciation for this asset for 2023 and 2024 using the straight-line method. (Round answers to O decimal places, eg 5,275.) Depreciation

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Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.