Q.3.9 The financial director has asked you to calculate and compare the accumulated depreciation and carrying values for an asset over 3 years (up to 31 December 2022) making use of both the straight-line and diminishing balances methods. Cost of the new asset: R300 000 (excluding VAT) Residual value of the asset: R50 000 Depreciation rate: 25% Date purchased: 1 September 2020 Financial year-end: 31 December Set your answer out in two tables with headings as provided below; and round to the nearest rand: Straight-line method: Year . . Cost of asset Depreciation Accumulated (minus depreciation residual value) Diminishing (reducing) balances method: For the diminishing balances method ignore the residual value Cost of asset Depreciation Accumulated depreciation Year R300 000 Book value Book value