Ricky bought a van for RM100,000 on 1 January 20x2 using cheque. The expected useful life of the van is five years and an estimated residual value of RM5,000. Depreciation is to be calculated on a straight line basis. Required: a) b) c) Calculate the depreciation charge for the year ended 31 December 20x2. (2 marks) Prepare the journal entries necessary to record the above depreciation. (3 marks) Write up and balance off the: (1) Van account; Accumulated depreciation account; Depreciation expense account. (iii) (5 marks) [Total: 10 Marks]