Indigo Corp. purchased machinery for $312,000 on May 1, 2023. It is estimated that it will have a useful life of 10 years, residual value of $12,000, production of 300,000 units, and 25,000 working hours. The machinery will have a physical life of 15 years and a salvage value of $3,000. During 2024, Indigo used the machinery for 2,300 hours and the machinery produced 26,000 units. Indigo prepares financial statements in accordance with IFRS. From the information given, calculate the depreciation charge for 2024 under each of the following methods, assuming Indigo has a December 31 year end. (a) Calculate the depreciation charge for 2024 under straight-line method. Depreciation charge for 2024 $enter the depreciation charge for 2024 in dollars (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above. (d) The parts of this question must be completed in order. This part will be available when you complete the part above.

Indigo Corp. purchased machinery for $312,000 on May 1, 2023. It is estimated that it will have a useful life of 10 years, residual value of $12,000, production of 300,000 units, and 25,000 working hours. The machinery will have a physical life of 15 years and a salvage value of $3,000. During 2024, Indigo used the machinery for 2,300 hours and the machinery produced 26,000 units. Indigo prepares financial statements in accordance with IFRS. From the information given, calculate the depreciation charge for 2024 under each of the following methods, assuming Indigo has a December 31 year end. (a) Calculate the depreciation charge for 2024 under straight-line method. Depreciation charge for 2024 $enter the depreciation charge for 2024 in dollars (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above. (d) The parts of this question must be completed in order. This part will be available when you complete the part above.

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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