Equipment acquired on January 6 at a cost of RM253,900, has an estimated useful life of 8 years and an estimated residual value of RM33,100. a. What was the annual amount of depreciation for the Year 1 to Year 3 using the straight-line method of depreciation? b. What was the book value of the equipment on January 1 of Year 4?

Show how the equipment to be reported on the financial statements in Year 1, Year 2 and Year 3