The client (company) bought a car for 100% business purpose by chattel mortgage (monthly payment 1230; the final payment 1230+8000 of lump sum =9230) on 6/Jan/2019 (start paying 1230 on 6/Jan/2019 and the final payment is on 6/Dec/21)

(This is happening in Australia, must follow Australian rules)

Cost of car 41,200

Colour trim (black) 770

Leather seat protection 815.6

Audio sound system 1540

Registration fee 432.5

Compulsory third party insurance 389.5

Dealer delivery charges 1448

Stamp duty 1204.4

Total amount payable (drive away price) 47,800

I prepared the extract of income statement and balance sheet for this transaction. Please correct any mistakes and tell me if I need to add something.

Incomestatement

-Registration fee 432.5

-Third-party insurance 389.5

-Depreciation expense

(47800-(432.5+389.5))*(200%/8)*(176/365)

-Interest Expense 47800*5.16%(annual)*6(months)/12

Balance sheet

-Non-current assets (Property, plant and equipment) $47,800-(432.5+389.5)

-Non-current liability (Loan Payable) 47,800

-Accumulated Depreciation (47800-(432.5+389.5))*(176/365) * (200%/8)

-Accrued expenses and other liabilities (interest payable)

4,480 - interest expense(paid)