COMPREHENSIVE HOMEWORK QUESTION FOR DEPRECIATION (2 MARKS) Asif Company acquired machinery on January 1, 2014 with an amount AED84,000. The useful life of the machinery is expected to be 4 years. The salvage value at the end of the life of the machinery is expected to be AED4,000. The machinery can produce maximum 80,000 units during its useful life. Required: - a) Calculate depreciation expense for the year 2014, 2015, 2016, and 2017 by using straight-line method. Also calculate asset's book value at the end of these years. (Hint: Make a Table to show calculations) b) Calculate depreciation expense for the year 2014, 2015, 2016, and 2017 by using units of production method if following number of units were produced. Also calculate asset's book value at the end of these years. 2014: 22,000 units produced 2015: 18,000 units produced 2016: 15,000 units produced 2017: 25,000 units produced (Hint: Make a Table to show calculations) Calculate depreciation expense for the year 2014, 2015, 2016, and 2017 by using double-declining balance method. Also calculate asset's book value at the end of these years. (Hint: Make a Table to show calculations) d) Show the journal entry to record depreciation expense at the end of the year 2016, and 2017 using i. Straight-line method ii. Unis-of-production method iii. Double declining balance method. Show the presentation of the asset in the balance sheet for the year ended on Dec 31", 2016, and 2017 using i. Straight-line method ii. Unis-of-production method iii. Double declining balance method