Activity on PPE 1. Oman Chips Company purchased a delivery van for OMR 40,000 from America and paid OMR 150 as import duty. The expected life of the vehicle is 20 years. The expected salvage value of the van is OMR 3,500. Calculate depreciation as per straight line method. 2. Aluminum company acquired a machine for OMR 15,000 and paid OMR 1,000 for installation. The life of the machine is expected to be 8 years. The company furnishes you the production of the past 5 years. 2013 200 units 2014 300 units 2015 150 units 2016 250 units 2017 120 units Calculate the depreciation as per unit production method for each year. 3. Al Moosa LLC purchase furniture for office for a total value of OMR 75,000. The furniture was depreciated @ 10% under straight line method of depreciation for 6 years. At the end of sixth year the furniture was sold for OMR 51,000. Required: 1. Calculate the loss or profit on sale of asset. 2. Pass the necessary journal entries for sale of asset 4. Nawa Construction exchange an old machine costing OMR 54,000 for a new machine of OMR 72,000 and paid OMR 3,000 foe new machine. Assume that there is no profit or loss on exchange of machine Required: 1. Calculate the amount of accumulated depreciation