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What is the amount of accumulated depreciation

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Question - A business purchased equipment on 1 July 2016 at a total invoice cost of $440,000 (GST inclusive i.e. $400,000 + $40,000 GST). The equipment had an estimated residual value of $22,000 (GST inclusive i.e. $20,000 + $2,000 GST) and an estimated useful life of 5 years. What is the amount of accumulated depreciation as at 30 June 2018 if the Straight Line method of depreciation is used?

Reference no: EM132516869

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