Question 3 A business has a financial year end of 31 December. An equipment is bought for $40,000 on 1 January 2020. It is to be depreciated at the rate of 30% using the Reducing Balance Method. You are required to show records for the first three (3) years for the following: (a) Equipment Account (2 marks) (b) Accumulated Provision for Depreciation: Equipment (9 marks) (c) Profit and Loss Account (6 marks) (d) Extract from the Statement of Profit or Loss for the years ending 31 December