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A business has 2 types of assets and the detail about them is given below: Asset 1 (machine): Machine was purchased by the business for

A business has 2 types of assets and the detail about them is given below: Asset 1 (machine): Machine was purchased by the business for OMR 10,000 and it has been observed that at the time of purchase the book value of the machine was 6,000 and its fair market value was OMR 5,000. If the useful life of the machine was 5 year. Required: Calculate depreciation under double declining balance method and also pass the journal entry if cost price and accumulated depreciation of the machine are 10,000 each

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