QUESTIONS 5. Harrison Co buys plant and machinery on 1 October XS for $12,000. It has an expected life of five years and an expected residual value of $2,000. On 30 June X the plant and machinery was sold for $7,500. Harrison's year-end is 31 December. s accounting policy is to charge depreciation monthly, straight line. The profit on disposal of the machine in the statement of profit or loss at 31 December X9 Is? A. $2,000 B. $3,000 C. $1,500 D. $4,500 nt and machinery (at cost) for a business for the year ended 31 December 20x7 was as follows: Plant and machinery at cost 20x7 20x7 1 Jan 30 September plant Balance 24,000 216,000 60,000 31 September Parchase 180,000 28 Fes December 240,000 240,000 The company's policy is to charge depreciation at 10% per year on the straight line basis, with proportionate depreciation in the years of disposal and purchase. What should be the charge for depreclation for the year ended 31 December 20x77 A. 18,000 8. 20,400 C. 21,000 D. 21,600 C. The opening net book value of a company's non-current assets is $357,894. The following transactions have taken place: 1. Vehicle with a net book value of $14,697 sold. 2. Machine bought for $25,000 3. Depreciation for the year charged at $35,694 7. The closing net book value of non-current assets is