QUESTION 14 An asset was purchased on an x2 at a cost of 120,000. The estimated useful life of the asset is 20 years and deprecaton was calculated on a straight line basis with no expected residual value. On 31 Dec X5, the asset was revalued at $150,000 in the following your ending at Dec what would be the annual depreciation charge and what amount could be transferred from the relation reserve to earnings annual reserves transfers Annual depreciation 09.15 Annual reserves transfer 9,375 Annual depreciation 17.500 Annual reserves transfer 1.500 Annual depreciation 7,500 Annual reserves transfer E7,500 Annual depreciation 9,375 Annual reserves transfer 3.375