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1. The following is a Partial Balance Sheet of Afief Company for the financial year ended 31st December 2017: Additional Information: 1. Building is depreciated
1. The following is a Partial Balance Sheet of Afief Company for the financial year ended 31st December 2017: Additional Information: 1. Building is depreciated at a rate of 5% a year on Straight Line Method. 2. Machinery is expected to be used for 8 years, with a salvage value of RM2,500. Over its' life the machine will produce 2,000,000 units of production. For financial accounting year of 2018 , the machine produced 200,000 units. 3. Tools and equipment are depreciated using Double-Declining Balance Method. The tools and equipment has an expected life of 10 years, with no salvage value. 4. The company purchased a computer system worth RM13,000 on 15th January 2018 . The system was then installed and programmed in the company for RM1,500, and was ready for usage on 1st March 2018. Due its nature of obsolesces, the company decided to use Sum of the Year Digit Method of depreciation on the system. At the end of its life of 6 years, the company expected that the salvage value will be RM2,500. Required: a. Calculate depreciation expenses for financial accounting year of 2018 for the company's fixed assets
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