CHAPTER 10 On January 1, 2006, a company purchased a machinery at an acquisition cost of Tk. 84,000. The machinery has been depreciated by the straight-line method using a 4 year service life and a Tk. 12,000 salvage value. The company's fiscal year ends on December 31. Requirements: Prepare the journal entries to record the disposal of the machinery that it was: Retired and scrapped with no salvage value on January 1, 2010. (1) Sold for Tk. 15,000 on July 1, 2009. (b) A plant asset acquired at the beginning of the fiscal year at a cost of Tk. 28,20,000 has an estimated trade - in value/ salvage value of Tk. 3,00,000 and an estimated useful life of 8 years. Determine the following: The amount of annual depreciation by the straight-line method. (ii) The amount of depreciation for the second year computed by the double declining balance method