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Part B (3 marks) XYZ Ltd purchased a delivery van costing $64 000 on 1...

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Accounting

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Part B (3 marks) XYZ Ltd purchased a delivery van costing $64 000 on 1 Oct 2016. It is expected to have a residual value of $7 000 at the end of its useful life of 5 years or 200 000 kilometres. Assume that the accounting period ends on 30 June. For the financial year 2016-2017, the van was driven 50 400 kilometres. Ignore GST Required: 1) Calculate the depreciation expense for the year 2016-2017 using straight-line method and unit of production method. 2) Prepare the journal entry to record depreciation expense on this van for the year ended 30 June 2017 by using straight-line method

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