Assume that additional information has been provided relating to the cost ($984,000). There are three components of the plant asset. Components 1, 2, and 3 have costs of $405,000, $260,000, and $319,000, respectively. The useful lives of components 1, 2, and 3 are 25, 20, and 30 years, respectively. Determine straight-line depreciation expense for 2020 and 2021 for each component under IFRS if the residual value is $140,000 for component 1, $168,000 for component 2, and $76,000 for component 3. (Do not round intermediate calculations and round answers to 0 decimal places, e.g. 5,275.) Depreciation expense 2020 2021 Component 1 10600 Component 2 4600 Component 3 8100

Assume that additional information has been provided relating to the cost ($984,000). There are three components of the plant asset. Components 1, 2, and 3 have costs of $405,000, $260,000, and $319,000, respectively. The useful lives of components 1, 2, and 3 are 25, 20, and 30 years, respectively. Determine straight-line depreciation expense for 2020 and 2021 for each component under IFRS if the residual value is $140,000 for component 1, $168,000 for component 2, and $76,000 for component 3. (Do not round intermediate calculations and round answers to 0 decimal places, e.g. 5,275.) Depreciation expense 2020 2021 Component 1 10600 Component 2 4600 Component 3 8100

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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