Q3. Sabali Ventures is an SME which has been operating for many years. You have recently joined the business and given responsibility for finance. The books of Sabali ventures shows an asset at cost of GHS 15,000 and accumulated depreciation of GHS 9000. You are told the remaining life of the asset is four (4) years and that depreciation has always been calculated on a straight line on this asset. The business spent GHS 3000 to improve the efficiency of this asset in the beginning of the current year and it is believed this will extend the useful life of the asset by three more years. The improvement costs qualifies for capitalisation under relevant accounting standards. Required: Calculate depreciation on the improved fixed asset for the next two (2) years, indicating the impact on the income statement as well as financial position.