3. Pete has a Jetboat business on Sydney Harbour. He purchased the boat on 1 July Year 1 for $100,000. During year 1 it was used 90% for business and for the relevant part of year 2 it was used 95%. He sold it on 31 December year 2 (ie 184 days into the year) for $110,000. The effective life of the boat was estimated at 20 years. He depreciated it using the diminishing value method. (1) Calculate the depreciation allowable for the years ended 30 June Year 1 and 30 June Year 2; and Calculate any amount assessable or allowable resulting from the disposal of the boat. (2) (3) What if the boat had been sold for $80,000?