At the beginning of 2009, Glass Manufacturing purchased a ne…

At the beginning of 2009, Glass Manufacturing purchased a new machine for its assembly line at a cost of $600,000. The machine has an estimated useful life of 10 years and estimated residual value of $50,000. How much depreciation would Glass take in 2009 for financial reporting purposes under the double-declining balance method?

An analyst is studying the impairment of the manufacturing e…

An analyst is studying the impairment of the manufacturing equipment of WLP Corp., a UK-based corporation that follows IFRS. He gathers the following information about the equipment: Fair value   £16,800,000 Costs to sell   £800,000 Value in use   £14,500,000 Net carrying amount   £19,100,000 The amount of the impairment loss on WLP Corp.’s income statement related to its manufacturing equipment is closest to: