QUESTION 3 D A business which has an accounting year that runs from 1 January to 31 December purchases a new non-current asset on 1 April 20X1, at a cost of RM 24,000. The expected life of the asset is 4 years, and its residual value is nil. What should the depreciation charge for 20X1 be? ii) A business purchases a non-current asset at a cost of RM10,000. Its estimated residual value is RM2,160. The business wishes to use the reducing balance method to depreciate the asset, and calculates that the rate of depreciation should be 40% of the reducing (carrying) amount of the asset iii) A lorry bought for a business cost RM17, 000. It is expected to last for 5 years and then be sold for scrap for RM2,000.|| Required: Work out the depreciation to be charged each year under: A The straight line method B The reducing balance method (using a rate of 35%)