A motor vehicle was purchased for $160,000 on 1^st January, 2017. It is estimated that it has a useful life of 4 years and will then be sold for $10,000. The financial year ends on 31^st December.For the diminishing balance method, the firm uses a 50% depreciation rate.

(done)Calculate depreciation for the first 2 years using the diminishing balance method

Year 1(2017)

80000

Year 2(2018)

40000