Part A (8 Marks) Mobile Homes purchased furniture and fittings on 1st July 2018 for $90,000, the estimated useful life was eight years with a residual value of $6,000. On 1 July 2019, Mobile Homes revised the assets useful life to five years and continued the use of the straight-line method of depreciation. Required: i) ii) Calculate the depreciation expense for 2018-2019 and 2019-2020 financial years. (4 Marks) Recalculate the 2019-2020 depreciation expense assuming, that Mobile Homes leaves the useful life at eight years but reduces the residual value to $0. (4 Marks) QUESTION THREE CONTINUED Part B (3 Marks) Atlas Ltd sells a Plant that has an original cost of $600,000 and had an Accumulated Depreciation of $400,000. Required: Complete the General Journal entry to record the sale assuming the sales price was: $200,000; $190,000; $216,000. (3 x1 = 3 Marks)