Question 4 A non-current asset is a depreciating asset. It initially had a depreciation cost base of $45,000, it cost $2,500 to transport and install the item, and it has an effective life of 5 years and was purchased on 1/7/15. It was sold on 1/4/17 for $27500. Required State the relevant legislative provisions and calculate: 1. the depreciation expenses for each relevant year income year under both depreciation methods 2. any assessable or deductible balancing adjustment associated with this disposal. Assume that the diminishing value method is used to calculate the depreciation expense