RECOMMENDED!!ACCOUNTING 2303-On January 2, 2016, Lapar Corporation purchased a

  

Comprehensive: Acquisition, Subsequent Expenditures and DepreciationOn January 2, 2016, Lapar Corporation purchased a machine for $50,000. Lapar paid shipping expenses of $500, as well as installation costs of $1,200. The company estimated that the machine would have a useful life of 10 years and a residual value of $3,000. On January 1, 2017, Lapar made additions costing $3,600 to the machine in order to comply with pollution-control ordinances. These additions neither prolonged the life of the machine nor increased the residual value.Required:1. If Lapar records depreciation expense under the straight-line method, how much is the depreciation expense for 2017?2. Assume Lapar determines the machine has three significant components as shown below.Component Amount Service Life Salvage ValueA $25,000 10 years$ 3,000B 15,000 5 years 0C 11,700 3 years 0If Lapar uses IFRS, what is the amount of depreciation expense that would be recorded?

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