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On 1 April 2020, ABC prepare financial statements to 31 March each year, purchases an item of equipment, AX1, for 59,500 with a salvage of 1,500 at the end of five years. At the start of year three the AX1 is sold for loss of 10,000 and the updated version of the equipment called the BXX1 is purchased for 69,500 with a residual value of 1,500 after eight years. The BXX1 is revalued at the start of fifth year by 5,000 as no more models are expected to be made. b. Calculate the depreciation for five years using the straight-line method 15 Marks