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ALL 3 PARTS ARE THE SAME QUESTION Phillips Ltd. purchased a machine on...

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Accounting

ALL 3 PARTS ARE THE SAME QUESTION
Phillips Ltd. purchased a machine on 26 March 203 for $118,000 and began to use it immediately. The estimated useful life of the
machine is 5 years, and it has an expected residual value of $11,100 at that time. Phillips uses straight-line depreciation.
Required:
1 & 2) Calculate annual depreciation for 203 through 208 assuming that depreciation is calculated to the nearest month using three
accounting conventions:
a. Half-year convention
b. Full-first-year convention
c. Final-year convention Calculate the gain or loss on disposal assuming that the asset is unexpectedly sold for $7,000 at the end of 206, using net book
value from requirement 1, and then from the three alternatives in requirement 2.
3)Calculate the gain or loss on disposal assuming that the asset is unexpectedly sold for $7,000 at the end of 20X6, using net book value from requirement 1, and then from the three alternatives in requirement 2.
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