Exercise Prepare a statement of financial position for Lopex Corporation with the following accounts: - Land - $230,000 Furniture - $75,000 Additional information: Acc. Payable - $45,000 Cash balance as at year o Capital - $250,000 end is $25,000 o Retained Earnings - $117,500 - Accrued Salary - $8,000 o Acc. Receivable - $30,000 Prepayment - $3,000 Other receivable - $2,000 Interest receivable - $5,500 Tax Payable - $30,000 - Motor vehicle - $80,000 2013 The McCord Exercise Dextom purchase an equipment on 1 Jan 2014 amounting to RM50,000, estimated to have 5 years useful life with no residual value. Calculate depreciation expense using: i. Reducing balance (20% depreciation rate) ii. Double declining Calculate accumulated depreciation as at 31 Dec 2016, applying: i. Reducing balance (20% depreciation rate) ii. Double declining In 2017, assuming Dextom changed its method of depreciation to straight-line method, calculated depreciation expenses