Ruestion Completion Status: REQUIRED Prepare the entries in the general journal of Gamma Traders to account for depreciation for the financial year ended 30 June 2020 Note: All amounts must be rounded off to the nearest Rand. INFORMATION The following information is an extract from the trial balance of Gamma Traders as at 30 June 2020: R 1 000 000 Buildings (at cost) 100 000 Accumulated depreciation on buildings (1 July 2019) 120 000 Vehicles (at cost) 18 000 Accumulated depreciation on vehicles (1 July 2019) 95 000 Machinery 18 000 Accumulated depreciation on machinery (1 July 2019) 60 000 Smart Software tion Completion Status: tional information 1. Depreciation on buildings is provided by using the straight-line method at 5% per annum. During June 2020 minor earthquakes affected the area and left the building with structural damage. A sworn appraiser evaluated the value of the buildings and determined the value as at 30 June 2020 at R700 000. Management accepted the valuation of the sworn appraiser. 2. Depreciation on vehicles is provided at 15% per annum according to the diminishing balance method. The entity sold one of its vehicles for R51 350 on 30 June 2020 which had a cost of R60 000 on 1 July 2018 (No entry was made for the sale). This vehicle was purchased at the same time as the other vehicles on 1 July 2018. 3. Depreciation on machinery is provided according to the production unit method. It was estimated that the machinery can produce 100 000 units during its lifetime. 12 000 units were produced during the current year. There is no residual value on machinery. 4. Smart Software TM was purchased and installed during January 2020, and ready for use by Gamma Traders at 1 February 2020. Management decided that the best pattern of income generation from the usage of the software is equal amounts over the useful life of the asset of 3 years. Remaining Time: 24 minutes, 50 seconds. Question Completion Status: Alpha Traders General journal for the year ended 30 June 2020 Debit Credit R R Amortisation (Adjustment to the value of buildings for the year) (Year-end adjustment for software for the year) QUESTION 3 Save Click Save and Submit to save and submit. Click Save All Answers to save all answers