Determine the Depreciation expense for 2019 and 2020. (IFRS)

The Airplane was acquired on October 1, 2019.

 

for the depreciation expense of the component: interior of the year 2019. The depreciation expense should only be for the months of October, November and December.

For 2020 the expense includes the 12 months.

 

AIRPLANE

COMPONENT	COST	RESIDUAL VALUE	TOTAL ACTIITY	2019 ACTIVITY	2020 ACTIVITY
Airframe	$1,000,000	$100,000	flying hours 50,000	7,000	5,000
Engine	$2,000,000	$0	machine hours 25,000	7,000	5,000
Interior	$500,000	$75,000	10 years
	$3,500,000

Answer rating: 100% (QA)

To determine the depreciation expense for 2019 and 2020 for the airplanes interior component we need ... View the full answer