Q].Dn March 1, ems MAGNINE Inc. purchased a machine having a list price of Rs. 1_m_ subject to trade discount of 5%. The credit term was agreed 51'15, n! 120. MAENINE Inc. paid amount on 9H1 March, 219 along with 1095. sales tax on machine Following Expenditure also oomrred May 1D, Paid Rs. E,i'.li'.ii'.l for transportation May 11; Paid foundation cost of Rs. 249m May 12; Paid Installation charges of Rs. 11,001] May 15; Paid Rs 30,000 for sill years of fire Insurance policy May 1?; Paid Rs. 12,!1l] for Diling and fueling May 1?, Paid Rs. 26,!1l] for major overhauling and replacement of parts to enhance the efficiency of the the machine May 2D, paid Rs. 9,011] for test mn life of machine is 12 years Illllith Rs. 55mm estimated scrape value, alter succsful working of MAEMI machine on May 21: MAENINE Inc. paid additlonal rs. 25.ooo for oiling and fueling. NE Inc. closes the accounts each year at Dec 31st. [10] Required: Calculate the nest of machine Calculate the depreciation for the year H.119 and El]!!! using straight line method Calculate the depreciation for the year 21:15 and teen using diminishing balance method with 2115: depreciation each year Pass adjusting entries for both the method {Each year} calculate the heel: value of machine on 1't Jan, allot