also explain what you did in part C ABC Ltd, bought a machine...
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also explain what you did in part C
ABC Ltd, bought a machine for $5,000,000 on 2 J anuary 200025% annual depreciation rate is applied if the company decides to use declining balance method. Other information related to the company at the end of January 2000 is as follows: Capital: 50,000,000 Cash: 20,000,000 Freight cost (Machine): 500,000 Installation cost (Machine): 1,500,000 Electricity Expense: 400,000 Sales: 900,000 Administrative Expenses: 200,000 Life of the new machine is 5 years. a) Record depreciation entries for the first 6 mnths using declining balance method. b) Find Net Book Value of the machine at the end of June 2000. c) Record all depreciation entries using straight line method
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