Bryan operates a candy factory in Rawang. The machines in his factory are purchased overseas. On 1 Jan 2016, he purchased a machine from Korea costing RM120,000. The machine was delivered to Malaysia on freight. The transportation cost of RM3,000 and freight insurance of RM1,200 was borne by Bryan. When the machine landed in Malaysia, Bryan paid custom duty of RM3,000. Bryan hired an engincer to install the machine within the factory. The engineer told Bryan that in the event Bryan wishes to dismantle the machine in the future, it would cost him RM700. After the installation was completed, the engineer billed him at RM1000. Bryan plans to use the machine for 6 years. Every year, the machine would be maintained at a cost of RM350. In year 7 , the machine will be dismantled and sold off as scrap for RM5,000. For every of his assets, Bryan adopts the policy to make full year depreciation in the year of purchase. Required: (a) Calculate the cost of the machine. (b) Compute the annual depreciation for the years ended 31 Dec 2016, 2017, 2018, 2019, 2020 and 202I using the following depreciation basis: (i) straight line (ii) reducing balance basis at the rate of 42% per annum (c) With your answer in (b) (ii) above, prepare for the years ended 31 Dec 2018,2019 and 2020: (i) Machinery account (ii) Depreciation account (iii) Accumulated depreciation account (iv) Statement of Profit or Loss (exiract) (v) Statement of Financial Position (extract)