Monty Corp. purchased machinery for $495,000 on May 1, 2023. It is estimated that it will have a useful life of 10 years, residual valueof $15,000, production of 480,000 units, and 30,000 working hours. The machinery will have a physical life of 15 years and a salvagevalue of $3,000. During 2024, Monty used the machinery for 2,650 hours and the machinery produced 24,500 units. Monty preparesfinancial statements in accordance with IFRS.From the information given, calculate the depreciation charge for 2024 under each of the following methods, assuming Monty has aDecember 31 year end.(a)Calculate the depreciation charge for 2024 under straight-line method.Depreciation charge for 2024 $

Straight line depreciation is a common and simplest method of calculation depreciation.As per this…

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Calculate the depreciation charge for 2024 under straight-line method. Depreciation charge for 2024 69 $

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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