29 Not yet (Q1) If cost of a machine is OMR 40,000, estimated salvage value is OMR 4,000, Total units of production are 36,000 and units produced in the month of June 30,000 then calculate the depreciation expense for the month of June under Units of production method? (1 Mark) Marked out of 4.00 Flag Question OMR 4,000 OMR 43,200 OMR 30,000 OMR 36,000 (Q2) If Cost of an asset is OMR 60,000 and amount of depreciation calculated at the end of the Year is OMR 6,000 then which one of the following is the correct journal entry for recording the depreciation? (1 Mark) Depreciation expense debit OMR 6,000, Accumulated depreciation credit OMR 6,000 Depreciation expense debit OMR 6,000, Accumulated depreciation credit OMR 60,000 Depreciation expense debit OMR 6,000, Asset credit OMR 60,000 Depreciation expense debit OMR 6,000, Asset credit OMR 6,000 (Q3) If useful life of an asset is 5 years and starting book value is OMR 40,000 then calculate the amount of depreciation under double declining balance method? (1 Mark) OMR 200,000 OMR 16,000 None of these OMR 8,000 (Q4) A new equipment acquired for OMR 40,000. In exchange, the company pays OMR 16,000 cash and trades in old equipment. The old equipment originally cost OMR 44,000 and has accumulated depreciation of OMR 12,000. What will be the amount of gain or loss on the equipment? Profit OMR 8,000 None of these Loss OMR 8,000 No profit no loss (1 Mark)