QN4 Limited planned to extend its business. For this purpose, they purchased a machine on the 1st day of July 2021 to improve the operational efficiency of their business. It is estimated that this machine has a useful life of ten years. The machine invoice indicates that QN4 Limited purchased this machine for $667 667. Freight expenses of $11 333 and installation charges of $15 333 were also paid.

Required:

Based on the above information, calculate the following:

i.The total cost of the machine (2 marks)

ii.Depreciation expenses for the year assuming that QN4 Limited assumes the straight-line method of depreciation (3 marks)

iii.The balance of accumulated depreciation on the 30th day of June 2023 (2 marks)