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A firm purchased a motor vehicle for $25,000 on 1 July 2019. The vehicle had an estimated residual value of $2,000 at the end of
A firm purchased a motor vehicle for $25,000 on 1 July 2019. The vehicle had an estimated residual value of $2,000 at the end of its estimated useful life of 4 years. (Assume financial year 1 July 30 June). Calculate the book value/written down value that would be shown on the Balance Sheet at 30 June 2022 assuming the firm uses the straight line method?
$25,000 | ||
$13,500 | ||
$7,750 | ||
$23,000 | ||
$17,250 |
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