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On January 1, 2013, Z S.A. acquires a machine for 15,000. Payment is made in...

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Accounting

On January 1, 2013, Z S.A. acquires a machine for 15,000. Payment is made in cash on the same date. The machine is immediately available for use. The residual value is 2,000. The machines useful life is 5 years. The depreciation rate is 35%. At the end of its useful life, the machine is sold for its residual value. Determine the cost of the machine, the depreciable amount and the depreciation expense for the years 2013 to 2017. The financial year ends on31 December.

1. Calculate the depreciation according to the reducing balance method.

2. Show all accounting entries.

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