The following account balances were extracted from the records of Brown Ltd as at 31 December 2021, before the adjustments of the following transactions: During the year ended 31 December 2021, the following transactions took place: (1) A piece of furniture bought on 1 March 2017 with an original cost of $3,000 was sold on 31 October 2021 for $1,000. (2) New furniture was purchased on 1 September 2021 for $4,500 by cash. Brown also paid for the custom duty of $800 for the furniture. (3) New equipment was purchased for $7,000 by cash on 1 April 2021. An annual insurance policy was taken up to protect the equipment against accidental loss or damage during the use of the equipment. The premium $300 was paid for the period from 1 April 2021 to 31 March 2022. It is the company's policy to charge full-year depreciation in the year of purchase and none in the year of sale of non-current assets. Assets are depreciated at the following rates: The following account balances were extracted from the records of Brown Ltd as at 31 December 2021, before the adjustments of the following transactions: During the year ended 31 December 2021, the following transactions took place: (1) A piece of furniture bought on 1 March 2017 with an original cost of $3,000 was sold on 31 October 2021 for $1,000. (2) New furniture was purchased on 1 September 2021 for $4,500 by cash. Brown also paid for the custom duty of $800 for the furniture. (3) New equipment was purchased for $7,000 by cash on 1 April 2021. An annual insurance policy was taken up to protect the equipment against accidental loss or damage during the use of the equipment. The premium $300 was paid for the period from 1 April 2021 to 31 March 2022. It is the company's policy to charge full-year depreciation in the year of purchase and none in the year of sale of non-current assets. Assets are depreciated at the following rates