(Answered) Question - depreciation methods port kembla steel purchases

Accounting

Question - Depreciation methods

Port Kembla Steel purchases a machine on 1 July for $30 000. The machine has an estimated useful life of seven years, during which time it is expected to produce 114 800 units. Residual value is estimated at $1300. The machine produces 15 500 and 16 200 units in its first and second financial years of operation, respectively.

Required - Calculate depreciation expense for the machine's first two years using the straight-line, reducing-balance (double straight-line rate) and units-of-activity methods of depreciation.

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