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can someone help me + calculations 2. On 1 September 2018 Cyanne purchased a non-current asset for $88,000 which had a useful life of four
can someone help me + calculations
2. On 1 September 2018 Cyanne purchased a non-current asset for $88,000 which had a useful life of four years and no residual value. The company's policy is to depreciate non-current assets at 25% per annum on the reducing balance basis. When preparing the financial statements for the year to 31 October 2020, the accountant calculated the depreciation charge on the straight line basis. What will be the effect of correcting the depreciation charge on profit for the year to 31 October 2020? A Reduced by $5,500 B Increased by $5,500 C Reduced by $16,500 D Increased by $16,500 Step by Step Solution
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