Disclosure of Property, Plant, and Equipment, IFRS. Use the information in E11-14, part (a) to prepare the required footnote disclosure under IFRS for Kurtis Koal Company, Inc.’s property, plant and equipment for Years 1 and 2, including a statement of its accounting policy and a table with account balances.
E11-14.
Required
- a. Prepare the depreciation schedule for the machine.
E11-13. Depreciation Methods, Disposal. Kurtis Koal Company, Inc. purchased a new mining machine at a total cost of $900,000 on the first day of its fiscal year. The firm estimates that the machine has a useful life of 6 years or 6,000,000 tons of coal and a residual value of $60,000 at the end of its useful life. The following schedule indicates the actual number of tons of coal mined with the machine per year:
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INTERMEDIATE ACCOUNTING
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