ABC Ltd. has just started operations and purchased a machine for Rs. 10,00,000. The machine has an estimated useful life of 5 years and a residual value of Rs. 50,000. The company uses straight-line depreciation method. In the second year of operation, the machine was revalued to Rs. 9,50,000. Calculate the depreciation expense for the second year and the carrying amount of the machine at the end of the second year.

Answer rating: 100% (QA)

The detailed answer for the above question is provided below The annual depreciation expense can be ... View the full answer