Cheyenne Corp, purchased Machine no. 201 on May 1, 2023. The following information relating to Machine no. 201 was gathered at the end of May: Price Credit terms Freight costs Preparation and installation costs Labour costs during regular production operations $76,000 2/10,n/30 $700 $3,300 $9,000 It was expected that the machine could be used for 10 years, after which the residual value would be zero. However, Cheyenne intends to use the machine for only 8 years and expects to then be able to sell it for $1.200. The invoice for Machine no. 201 was paid on May 5,2023. Cheyenne has a December 31 year end. Depreciation expense should be calculated to the nearest half month. Cheyenne follows IFRS for financial statement purposes.

Cheyenne Corp, purchased Machine no. 201 on May 1, 2023. The following information relating to Machine no. 201 was gathered at the end of May: Price Credit terms Freight costs Preparation and installation costs Labour costs during regular production operations $76,000 2/10,n/30 $700 $3,300 $9,000 It was expected that the machine could be used for 10 years, after which the residual value would be zero. However, Cheyenne intends to use the machine for only 8 years and expects to then be able to sell it for $1.200. The invoice for Machine no. 201 was paid on May 5,2023. Cheyenne has a December 31 year end. Depreciation expense should be calculated to the nearest half month. Cheyenne follows IFRS for financial statement purposes.

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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