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DEPRECIATION AND SALE OF FIXED ASSET - | ABC Limited imported technical equipment costing 300,000 on July 1, 2015. It further incurred the following expenses on the equipment: 1) Import duty 100,000 1) Transportation cost Rs. 10,000 to bring the equipment to factory premises 1) Insurance in transit Rs. 400 iv) Fire insurance 1,000 Initially the useful life was estimated to be 5 years and depreciation was provided on straight line basis. The estimated salvage value was 35,000 During the year 2016-17 the company estimated the remaining life of the equipment to be five years instead of four years. The salvage value was re-estimated at 40,000 The machine was sold on July 1, 2018 for 280,000. Required: a) Calculate depreciation expense for the years ended June 30, 2016, 2017 and 2018 b) Pass journal entry to record the sale of machine. a) Purchase Import duty Transportation cost Cand of Depreciation Cost FN une 9, 2016 12 June 30, 2017 Annual Depreciate Annual Depreciation feed Depreciation Expense June 2016 + June 30,2017 June 10.2016 Accumulated dep June 30,2017 Accumulated depo June 30,2018 Accumulated depe June 30,2018 b) Equipment Balanced July 1, 2015 Bank July 1, 2016 Balanced July 1, 2017 Balanced July 1, 2018 Balance bid June 30 2016 Balanced June 30.2017 Balanced June 30.2018 Balanced July 1, 2018 Disposals June 302 Balanced July 1, 2018 Equipment Profits again Disposal Account July 1, 2015 Nomated de Procesbeek) July HT Acumulated proce TUEEL Twe BRIS alo Dup