Ayayai Corporation purchased a new plant asset on April 1, 2023, at a cost of $960,000. It was estimated to have a useful life of 20 years and a residual value of $360,000, a physical life of 30 years, and a salvage value of $0. Ayayai's accounting period is the calendar year. Ayayai prepares financial statements in accordance with IFRS. (a) Calculate the depreciation for this asset for 2023 and 2024 using the straight-line method. (Round answers to O decimal places, e.g. 5,275.) 2023 $ 2024 $ Depreciation

Ayayai Corporation purchased a new plant asset on April 1, 2023, at a cost of $960,000. It was estimated to have a useful life of 20 years and a residual value of $360,000, a physical life of 30 years, and a salvage value of $0. Ayayai's accounting period is the calendar year. Ayayai prepares financial statements in accordance with IFRS. (a) Calculate the depreciation for this asset for 2023 and 2024 using the straight-line method. (Round answers to O decimal places, e.g. 5,275.) 2023 $ 2024 $ Depreciation

Name: Ayayai Corporation purchased a new plant asset on April 1, 2023, at a
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Description: Ayayai Corporation purchased a new plant asset on April 1, 2023, at a cost of $960,000. It was estimated to have a useful life of 20years and a residual value of $360,000, a physical life of 30 years, and a salvage value of $0. Ayayai's accounting p

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 2RE: Akron Incorporated purchased an asset at the beginning of Year 1 for 375,000. The estimated residual...

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