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Question No 1 Cost of the asset = 150000 Useful life 10 years Salvage value 0 Use Straight line method and prepare double entries to

Question No 1

Cost of the asset = 150000

Useful life 10 years

Salvage value 0

Use Straight line method and prepare double entries to record these.

Company sold asset at the end of 8 years for 40000 record this event as well.

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