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Citrra Company uses double-declining method of depreciation for their assets. The company's fiscal year ended is on 30 June every year. On 1 January 2019
Citrra Company uses double-declining method of depreciation for their assets. The company's fiscal year ended is on 30 June every year. On 1 January 2019 , Citrra Company acquired vehicle costing RM150,000. The vehicle is expected to have 20 years of useful life with the salvage value of RM1,000 at the end of the asset's useful life. On 1 March 2022, Citrra Company sold the vehicle at a selling price of RM105,000. Required (a) Compute the amount of accumulated depreciation until the date of disposal. Provide your answer in table form. (5 marks) (b) Prepare journal entries to record the sale of vehicle. Provide workings on gain or loss on the disposal. (2 marks)
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