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Answer all the questions below. Show your workings as marks will be awarded for correct working Question 1 (12 marks) Supreme Co. uses straight-line depreciation in its financial statements, with depreciation for a partial year rounded to the nearest full month. On 30 September 2014 Supreme purchased equipment at a cost of $190,000. For financial reporting purposes, the useful life of this equipment was estimated at 5 years, with a $40,000 salvage value. Compute the depreciation expense relating to this equipment that Supreme will recognize in its financial statements in the following years. If no depreciation will be recognized in a particular year, write zero. Show your calculation clearly. Year Calculation 2014 2015 2016 2017 2018 2019 Depreciation Expense $ $ $ $ $ $ (Total 12 marks)

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