17 Dec Young Concrete Ltd purchased equipment on 1 Januar
Young Concrete Ltd purchased equipment on 1 January 2017 for $132,000. The expected life of the equipment is 10 years, or 150,000 units of production, and its residual value is $12,000. The equipment produces 8,000 units and 13,000 units in years 2017 and 2018 respectively. Under three depreciation methods, the annual depreciation expense and the balance of accumulated depreciation at the end of 2017 and 2018 are as follows:Method A Method B Method C Year Annual depreciation expense Accumulated depreciation expense Annual depreciation expense Accumulated depreciation expense Annual depreciation expense Accumulated depreciation expense 2017 12,000 12,000 6,400 6,400 28,116 28,116 2018 12,000 24,000 10,400 16,800 22,128 50,244REQUIRED(a) Identify from the three major methods the depreciation method used in each instance, and show how the annual depreciation has been calculated (Rounded to the nearest dollar/ showing full workings).(b) Assume continued use of the same method in 2019. Determine the annual depreciation expense, accumulated depreciation and carrying amount of the equipment for 2019 under each method, assuming 10,000 units of production in 2019.
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