An entity's reporting date is 31 December. On 15 February 20X1 it receives the invoice for a machine costing 60,000, pays it on 31 May and starts production on 1 June. The machine is installed and available for use as intended from 1 April. Useful life: 5 years; residual value nil; straight-line method, time-apportioned. What is the depreciation charge for 20X1?
- Cost of the machine
- 60,000
- Useful life
- 5