Exmouth Pty Ltd bought the following - A bobcat on the 1st July 2018 for $60,000. A large hydro Press for $10,000. A further installation cost amounted to $5000. The whole amount was paid on the 1st June 2018 but it was no ready for use until the 1st Jan 2019. The Company uses the Prime Cost method for the bobcat machine and the Diminishing Value method for the Press. The estimated life on the Bobcat is 5 years and the Press is 10years. On the 30 June 2020, the Bobcat is sold for 45,000. 

Question 12.1 – What is the total depreciation on these items for the year ended 30 June 2018, 30 June 2019 and year ended 30 June 2020? 

Question 12.2 – What is the balancing loss or profit arising from the sale of the Press?