QUESTION 1 On 1 July 2020 Tom bought a machine for P15, 500. He depreciates machinery at a rate of 20% per annum on the reducing balance basis. A full years depreciation is charged in the year an asset is purchased. His year end is 31 October. Required: a. Calculate the depreciation charge on the machine for the year to 31 October 2022. (6 marks) b. Identify three reasons why an asset may be depreciated. (3 marks)