Your organisation has purchased a new photocopier at a cost of $17,000. The purchase was made in July so there is no need to calculate depreciation for part of the first year. The copier will be outdated and written off after five years at a book value of zero.
Using the diminishing value method and the prime cost method, detail the cost each year to be allocated for reporting purposes and show the book value during each year.
Show your results in a table with comparisons between the two methods:
|Diminishing value||Prime cost|
|Cost pa||Book Value||Cost pa||Book Value|