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Explain how your chosen method would be similar

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Question - Spectacular Condo Corp. purchased exercise equipment for its recreation room on January 1, 2016 for a cost of $60 000. The equipment is estimated to have a $5000 residual value and a five-year useful life. It is also estimated that the equipment will be used more than 100 000 times over its five-year life.

a) Assuming that the condominium corporation is calculating amortization for internal purposes, which method would you recommend? Explain why.

b) Explain how your chosen method would be similar or different from the method required for taxation purposes here in Canada.

Reference no: EM132876731

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