43. Cirrus Ltd. purchased a new machine on April 1, 2018 at a cost of $320.000. The company estimated that the machine would have a residual value of 532.000 with a four- year life. The company has a December 31 year end. A Complete the deprecation schedule assuming the company uses the straight-line method (20 marks) January 1 Carrying Amount Depreciation Accumulated Depreciation Period 2018 Expense Carrying Amount 2019 2020 2021 2022 B. Complete the depreciation schedule assuming the company uses the double- diminishing balance method (20 marks) January 1 Carrying Amount Depreciation Expense Accumulated Depreciation Dec 31 Carrying Amount Period 2018 2019 2020 2021 2022 C. If the company could not find a buyer at the end of the machine useful life, what journal entry would be required to dispose of the asset. (6 marks) tre statement of financial position (SFP) EXERCISES (3 x ous 41. Corp XYZ reported the following selected accounts and amounts as at De 1. Identify which of the following accounts are statement of financial position accounts and which are income statement (IS) accounts (15 mars SFP or IS Amount Accounts Payable $37,000 Accounts Receivable $42,000 Advances to employees $2,500 Bad debts expense $15,000 Cash $58,000 Interest Expense $7,000 Interest Revenue $1.500 Merchandise Inventory $22,000 Notes Receivable (current) $5,000 Notes Receivable (non-current) $65,000 Prepaid Insurance $8,000 Retained Earnings $129,000 Sales $128,000 Sales Discounts $25,000 Supplies $17,500 2. Prepare the current asset section of the statement of financial (17 marks) Corp XYZ Statement of Financial Position (Current Assets) Assets) As at Dec 31, 20XX 29 to do blow o Bad Obm DDV