Question 1 (Note this question is based on the Week 7 Tutorial) An extract of the Asset Register of Ace Pty Ltd ("Ace") for the 2018 - 2019 Income year is shown as follows: Method Asset Cost Effective Life Opening Adjustable Value 1,200 Decline in Closing Value for Adjustable This period Value 400 800 3 years Printer 1,200 Diminishing Value Prime Cost Prime Cost 300 Desks 3,000 2,400 Appliances 2,600 1,040 10 years 5 years 2,100 520 520 All depreciable assets are 100% for business use and Ace uses a low-value pool for all eligible assets. The closing value of the low value pool at 30 June 2019 was $8,000, Ace purchased a camera on 20 Jan 2020 for $840. Advise Ace of the Income Tax consequences arising out of the above information for the 2019 - 2020 Income year assuming Ace is not a small business entity, (7 marks. Word limit: Minimum of 120 words. Maximum of 150 words)