Business, 05.09.2021 14:00 evanwall91

(5 Marks) Question 1: Depreciation On 1 January 2017, machinery was purchased at a total cost of K 120 000. The estimated useful life of the machinery was 4 years with an estimated residual value of K 10000. The company followed straight-line depreciation. The entity's reporting period ends on 31 December. Required a. Calculate the annual depreciation using the straight line method.
b. Prepare journal entries and show machinery account for the period 2017 – 2020.

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(5 Marks) Question 1: Depreciation On 1 January 2017, machinery was purchased at a total cost of K 1...

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