Complete and correct the following table. There are possible errors in each column except Cost (1Jan), Salvage Value, and Accumulated Depreciation (1 Jan). Fixed assets are stated at cost less accumulated depreciation. Additions, major renewals and improvements are capitalized.

Maintenance and repairs are charged against revenue in the year incurred

Fixed assests, excluding land, are depreciated on the straight line basis over their estimated useful lives

Depreciation Policy Full deprecation is charged in the year of acquistion and none in the year of disposal

Estimated useful life as follows:

Motor Vehicles 5 years

Office Equipment 10 years

Buildings 40 years

ADDITIONS FOR YEAR

2020 HONDA- Purchased for $75,000 useful life as others, salvage value $10,000

CASH VAULT- purchased for $5,000 useful life as others, salvage value $500

Heater- Purchased for $4,500 useful lIfe as others, salvage value $500

GE FRIDGE-Purchased for $2,600 useful life as others, salvage value $300

WAREHOUSE Building- addition far $80,000 to existing useful life and salvage value remains the same.

DISPOSALS FOR YEAR

2019 Camry sold for $ 25,0000

Heater-Sold for $800 due to mechanical issues.

Freezer- Sold for $400 as it was not working properly.