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Concord Corp. purchased machinery for $465,000 on May 1,2023 . It is estimated that it...

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Accounting

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Concord Corp. purchased machinery for $465,000 on May 1,2023 . It is estimated that it will have a usefuflife of 10 years, residual value of $15,000, production of 360,000 units, and 25,000 working hours. The machinery will have a physical IIfe of 15 years and a salvage value of $3,000. During 2024 , Concord used the machinery for 2,550 hours and the machinery produced 25,500 units Concord prepares financial statements in accordance with IFRS. From the information given, calculate the depreciation charge for 2024 under each of the following methods, assuming Concord has a December 31 year end. (a) Your answer is incorrect. Calculate the depreciation charge for 2024 under straight-line method. Depreciation charge for 2024

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