20. X ltd. bought a machine of cost $200,000. having a useful life of 10 years. The machine has a scrap value of $5.000. After 2 years. X Ltd. revalued the machine at $120,000r having the same remaining life and scrap value. Calculate the depreciation in third year. Your answer 21. Cash flows during the first year of operations for the HarmanKardon Consulting Company were as follows:Cash collected from customers. $120,000; Cash paid for rent $40,000: Cash paid to employees for services rendered during the yer, $120,000: Cash paid for utilities, $50,000Jn addition, you determine the customers owed the company $60,000, at the end of the year and no bad debts were anticipated. Also, the company owed the gas and electric company $2,000 at yearendr and the rent payment was for a twoyear period. Calculate acrual net income for the year. Your answer 22. What are three types of audit opinion an auditor may express, if the financial statements are not prepared as per 6MP. Explain each opinion Your answer 23. Define the terms as per audit profession Integrityr objectivity and Independence