2014 Jan 1 Question 2 A business had the following transactions with Machinery: Purchased Machinery costing $160 000 2014 June 30 Purchased Machinery costing $120 000 2015 Jan 6 2016 Purchased Machinery costing $140000 June 30 Purchased Machinery costing $200 000 ACCT A full year's depreciation is taken on all Machinery on the books at December 31 each year. Depreciation is calculated at 10% on cost using the straight-line method. Show the following: 81 A. B. Machinery Account showing the balances at the end of each year. (6 marks) Provision for Depreciation Account, showing the amount going to the Profit and Loss for each of the three years. (9 marks) C Statement of Financial Position extracts showing the balance on the Machinery Account at the end of each of the three year. (5 marks) (Total 20 marks)