A machine costing $40 000 and with an expected useful life of five years is to be
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A machine costing $40 000 and with an expected useful life of five years is to be depreciated by the reducing- balance method. The annual rate of depreciation is 30%.
Required
(a) Prepare the Provision for Depreciation of Machinery account for years 1 to 5.
(b) Prepare a Balance Sheet extract to show the fixed asset of machinery at the end of each of the five years.
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Given information Machine cost 40000 Expected useful life 5 years Annual rate of depreciation 30 Let...View the full answer
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