QUESTION 1 A company bought a machine on 31 August 2019 for S$15,500. The company use double decline balance method at a rate of 30% per annum. On 31 December 2020, the machine was sold for S$5,900. The financial year ends on 31 December. a) Determine the depreciation charge for the year ended 31 December 2020: b) Compute the accumulated depreciation on 31 December 2020; and C) Determine the gain or loss on sale of the machinery