(Answered) 1on june 30 2013 rosetta granite purchased a machine for

Accounting

1.On June 30, 2013, Rosetta Granite purchased a machine for $120,000. The estimated useful life of the machine is eight years and no residual value is anticipated. An important component of the machine is a specialized high speed drill that will need to be replaced in four years. The $20,000 cost of the drill is included in the $120,000 cost of the machine. Rosetta uses the straight line depreciation method for all machinery.

Required:
1. Calculate depreciation for 2013 and 2014 applying the typical U.S. GAAP treatment.
2. Repeat requirement 1 applying IFRS.

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