QUESTION 6 - 8 marks Using the relevant information from page 6 of the Information Booklet In preparation for your meeting you notice on of the figure Jim provided did not make sense. To make sure you were fully prepared you have checked with Jim and he has confirmed that the Fair Value of the Training Inventory is $3,800 You have also asked about the mower and training equipment and Jim has confirmed that they have owned the mower for 12 months and have already recorded $1040 accumulated depreciation for this asset. Additionally, he was able to tell you that the Future Proof Training Equipment had been used for 1,200 hours in the last 12 months. REQUIRED: A. Record the Journal entries for depreciation for the last 12 months for the Mower and the Future Proof Training Equipment Question 6 Part A (Enter answers here) Details Dr Date Cr Show any calculations or working for Question 6 here Paul and Jim have asked for some further clarification on some of their non-current assets and in particular how depreciation was worked out for a couple of their newer assets. Paul has been back through his records and can see that the mower they purchased was listed as having a cost price of $5200 and that the decision was made to depreciate it at 20% per year using the reducing balance method. I The other asset Paul is interested in is the Future Proof Training Equipment which was acquired for a cost of $60,000. This equipment has the ability to track how many hours it is used for. Paul expects to be able to resell the equipment for $5,000 when he is finished with it and in that time expects to able to use it for at total of 11,000 hours. Jim has also identified a group of assets that the business can acquire to enhance their current operations. The details of the assets are Training Inventory Measurement Equipment Transportation Vehicle Storage Container $3,800 $5,400 $21,600 $16,200 All items are listed at their fair values. Paul and Jim are looking at asking a new partner to join them in the business. Fleur Rootine is an experienced gymnastic instructor and is keen to contribute to the business. After some discussions Paul and Jim have agreed that Fleur would be given a 20% stake in the business if she were to contribute $40,000. As part of the new partnership agreement, Paul and Jim would both receive a $20,000 salary and / of any profits while Fleur would receive y of any profits earned as she would be responsible to attracting new clients to the business