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Coco acquired two non-current assets for cash on 1 August 2015 for use in her party organizing business: a 25-year lease on a shop for
Coco acquired two non-current assets for cash on 1 August 2015 for use in her party organizing business:
a 25-year lease on a shop for $200,000
a chocolate fountain for $4,000.
The fountain is to be depreciated at 25% pa using the reducing balance method.
A full year of depreciation is charged in the year of acquisition and none in the year of disposal.
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Show the ledger account entries for these assets for the years ending 31 October 2015, 2016 and 2017.
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