Garvey Ltd has an item of plant which originally cost $350,000, now has a carrying amount of $268,981 at 30 June 2023. This item is depreciated on a straight-line basis over a 9-year period. There is no residual value reserved for this item. How many months has Garvey Ltd owned this item?

Answer rating: 100% (QA)

To determine the number of months Garvey Ltd has owned this item we can first calculate the annual d... View the full answer