Read the contentbelow and answerthe questions that follow.

No.

Asset class

VAT-inclusive cost pricePurchase date

Depreciation policy

1.Motor vehiclesR2 070 0001 July 2020

20%: Reducing

balance method

2.Construction equipmentR24 207 0001 June 2019

Ten year: Straight- line method.

Residual value =

10% of cost.

3.Office equipmentR1 144 2501 May 2019

Eight year: straight- line method.

Residual value=

5% on cost.

calculate the depreciation of each asset and the total depreciation expense for the year ended 31 August 2022. Show all details of workings. For the reducing balance method, show the details of calculation of depreciation for prior years. Show the calculation for residual values separately. Round off all answers to the nearestrand.