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Question 7 Sally runs a small business and she purchased machinery for 200,000 with a useful life of 4 years. The scrap value of the

Question 7

Sally runs a small business and she purchased machinery for 200,000 with a useful life of 4 years. The scrap value of the machinery is 20,000.

You have been appointed as an accountant and Sally is asking for your advice on the following:

a) What is depreciation? Up to 120 words.

b) After 4 years what depreciation will be shown on the Statement of Financial Position and on the Income Statement?

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