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On january 1 20x1 mighty entity pays the fair value of

Question - On January 1, 20X1, Mighty Entity pays the fair value of $50,000 for a new piece of machinery with an estimated useful life of 8 years. The machine has a drum that must be replaced every four years and costs $20,000 to replace. Continued operation of the machine requires an inspection every four years after purchase and the inspection cost is $4,000. Under IFRS, what is the depreciation expense for year 2?

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Accounting Basics: On january 1 20x1 mighty entity pays the fair value of

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