Depreciation of Fixed Assets

A motor vehicle was purchased on 31^st March 2017 for $110,000 excluding GST. It has an expected useful life of 5 years. Depreciation is using the straight-line method. The motor vehicle is expected to have a residual value of $10,000. Balance day is 30 June each year:

Required:

( a ) How much is depreciation each full year?

( b ) How much is depreciation on 30 June 2017?

( c ) Prepare a journal entry to record depreciation on 30 June 2017.

( d ) Prepare a Balance Sheet extract for 30 June 2018, showing how the Motor Vehicle and

Accumulated Depreciation would appear.