Sheffield Corporation purchased a new plant asset on April 1, 2023, at a cost of $912,000....

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Sheffield Corporation purchased a new plant asset on April 1, 2023, at a cost of $912,000. It was estimated to have a useful life of 20 years and a residual value of $372,000, a physical life of 30 years, and a salvage value of $0. Sheffield's accounting period is the calendar year. Sheffield prepares financial statements in accordance with IFRS. (a) Calculate the depreciation for this asset for 2023 and 2024 using the straight-line method. (Round answers to O decimal places, e.g. 5,275.) 2023 2024 $ Depreciation Sheffield Corporation purchased a new plant asset on April 1, 2023, at a cost of $912,000. It was estimated to have a useful life of 20 years and a residual value of $372,000, a physical life of 30 years, and a salvage value of $0. Sheffield's accounting period is the calendar year. Sheffield prepares financial statements in accordance with IFRS. (a) Calculate the depreciation for this asset for 2023 and 2024 using the straight-line method. (Round answers to O decimal places, e.g. 5,275.) 2023 2024 $ Depreciation