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On 30 June 2021, the following information was available for a machine: Purchased on...

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Question

Accounting

On 30 June 2021, the following information was available for a machine:

  • Purchased on 1 July 2017, cost $80,000, useful life 5 years, residual value $5,000.
  • Fair value recorded on 30 June 2020 was $40,000
  • Straight line depreciation is applied for machinery

On 30 June 2021, the amount that should be recorded for depreciation expense on the machine is:

Select one:

a.

$7,000

b.

$20,000

c.

$15,000

d.

$17,500

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