Margaret Kline’s accounts are to record the following assets:

On 1 August 2021 office furniture was purchased at a cost of $13 860 ($12 600 + $1260 GST) with a residual value estimated at $660 ($600 + $60 GST) and depreciation is at 10% p.a. using the straight line method.

Plant and equipment costing $28 380 ($25 800 + $2580 GST) was purchased, installed and commissioned by 1 October 2021 with an estimated residual value of $1980 ($1800 + $180 GST) and depreciation of 33% p.a.

using the diminishing balance method.

Additional office furniture was purchased on 31 August 2022 at a cost of $12 000 ($11 000 + $1100 GST).

It is to be depreciated using straight line depreciation of 10% p.a. The furniture is not anticipated to have a residual value.

Following extensive improvements in systems and internal controls a computer system was installed and commissioned on 31 January 2023 at a cost of $45 980 ($41 800 + $4180 GST). Diminishing balance method of depreciation is to be used at a rate of 45% p.a.

Prepare:

a a time line to 30 June 2024 b depreciation worksheets to 30 June 2025 for each of the assets purchased c an extract income statement for the year ended 30 June 2023, and d an extract balance sheet as at 30 June 2024.