QUESTION 2 Total 10 marks Orion Ltd purchased a truck for $64,000. It has a residual value of $24,000 and a useful life of 8 years or 400,000 kilometres. Required: a) b) Assuming that the truck was purchased on 1 October 2014 and the accounting period ends on 30 September, calculate the depreciation expense for the year 20142015 using each of the following methods: i) Straight-line ii) Sum-ofyears digits iii) Diminishing-balance iv) Unitsofproduction, assuming further that the truck clocked 156,000 kilometres during the financial year). (6 marks) Assuming that the truck was purchased on 2 January 2015 and the accounting period ends on 30 September, calculate the depreciation expense for the year 2014-2015 using each of the following methods: i) Straight-line ii) Sumofyears digits iii) Diminishing-balance iv) Units-of-production, assuming further that the truck clocked 120,000 kilometres during the financial year). (4 marks)