10 Points Question 1 A company bought Plant and machinery for 50,000 in May 2014. It charges depreciation on 31 March each year. Calculate the depreciation charged for the company for the year 2015 and 2016 and show how it will appear in the statement of financial position for both years. (1) Company charged depreciation at 10% on cost (1) Company charged depreciation on the straight line basis and the expected estimated useful lives of the asset to be 6 years. The residual value after the end of year 6 is 8,000. Use the editor to format your answer 10 Points Question 2 Company Cost of Machinery is 60,000 bought in 2010 and the accumulated depreciation charged on the asset is 14,000. In August 2015, the company decided to revalue the asset to 150,000 and depreciation will be charged at the rate of 5% on cost. The company closes account on 31 March each year, Calculate the depreciation at end of March 2016 and how it will be reflected on the statement of financial position as at 31 March 2016 Use the editor to format your