3. On 01-04-2020 Majid LLC has purchased an equipment from Japan for $ 750,000. They have paid the following expenses: Paid Goods & Services Tax -15% @ = $50000 - Insurance on transit - $5000 - Shipping (Cargo) Expenses - $10,000 Paid Unloading Charges - $1000 - Installation Charges - $4000 Salvage Value = $20,000; Estimated Life time = 5 Years Required: (6 Marks) Determine the total cost of the asset Determine the depreciation for the year December 2020, 2021 and 2022