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A fixed asset having a useful life of 3 years is purchased on 1 January 2013. Cost of the asset is $2,000 whereas its residual

A fixed asset having a useful life of 3 years is purchased on 1 January 2013. Cost of the asset is $2,000 whereas its residual value is expected to be $500. Calculate depreciation expense for the years ending 30 June 2013 and 30 June 2014. Apply straight line method.

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