Question: Chong Corp. purchased a machine on July 1, 2014, for $30,000. Chong paid $200 in title fees and a legal fee of $100 related to

Chong Corp. purchased a machine on July 1, 2014, for $30,000. Chong paid $200 in title fees and a legal fee of $100 related to the machine. In addition, Chong paid $500 of shipping charges for delivery, and paid $400 to a local contractor to build and wire a platform for the machine on the plant floor. The machine has an estimated useful life of 10 years, a total expected life of 12 years, a residual value of 56,000, and no salvage value. Chong uses straight-line depreciation.
(a) Calculate the 2014 depreciation expense if Chong prepares financial statements in accordance with IFRS.
(b) Calculate the 2014 depreciation expense if Chong prepares financial statements in accordance with ASPE.

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