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The useful life of each class of asset approximates as follows: Cars 10 years 10% Machine 20 years 5% Furniture & Fixture 10 years 10%
The useful life of each class of asset approximates as follows:
Cars 10 years 10%
Machine 20 years 5%
Furniture & Fixture 10 years 10%
Computer 3 years 33%
CARS | Machine | Furniture | Computers | Total | ||
Opening Balance as at 01 Jan 2016 | 2,000,000 | 400,000 | 200,000 | 210,000 | 2,810,000 | |
Additions | 2,500,000 | - | - | - | 2,500,000 | |
Disposals | - | - | - | - | - | |
Balance as at 31 Dec 2016 | 4,500,000 | 400,000 | 200,000 | 210,000 | 5,310,000 | |
Accumulated Depreciation as at 01 Jan 2016 | 400,000 | 40,000 | 40,000 | 140,000 | 620,000 | |
Depreciation for the year | 200,000 | 20,000 | 20,000 | 70,000 | 310,000 | |
Accumulated Depreciation as at 31 Dec 2016 | 600,000 | 60,000 | 60,000 | 210,000 | 930,000 | |
Net Book Value at 01 Jan 2016 | 1,600,000 | 360,000 | 160,000 | 70,000 | 2,190,000 | |
Net Book Value at 31 Dec 2016 | 3,900,000 | 340,000 | 140,000 | 0 | 4,380,000 |
Use the following example to do 2017,2018 and 2019.
Machine had addition 0f $200,000 for 2017
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