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02: On January 1, 2017, Bagdad Co. purchased a machine for Omr 588000. The machine has a 14 year life, and to salvage value. Depreciation has been recorded on a straight-line basis, in 2019, it is determined that the total estimated life should be 10 years with a salvige value of Om 10000 at the end of that time Required: Calculate Accumulated depreciation for 2020. Exl: On January 1, 2015, Dhofar Corporation purchase machinery at Omr 200000., Dhofar decided using the straight-line method of depreciation for this machine and it an estimated useful life of ten years, with no residual value. At the beginning of 2017. a decision was made to change an estimnted life to fifteen years. Compute the amount of depreciation for 2015 & 2017. and accumulated depreciation for 2017 Ex2 : on 1/1/2014 Dhofar Corporation was purchased Equipment for OR 204.000., the equipment was estimated to have a useful life of six years and a residual value of OR 24,000.. At the beginning of 2017, the company adjusted the useful life to become eight years and the expected residual value was changed to OMR R15000. What The amount to be recorded for accumulated depreciation for 2017 Error Analysis Correcting Entries: Exl: Recorded the correction entries 7. Salary 1500 Prepaid salary 1500 The Co paid salary on cash 950 Service revenue Paid cash for creditors 950 Service revenue 8. Cash 950 9. Cash 950 10. Cash Provide service to client amount 590 950 Service revenue 950 Collected cash 590 form client