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Question 2 On 1 January 2015, JT Corporation paid RM230,000 for a computer system. In...

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Question 2 On 1 January 2015, JT Corporation paid RM230,000 for a computer system. In addition to the basic purchase price, the company paid a set-up fee of RM1,000, GST of RM6,000 and installation costs of RM28,000. The management estimates that the computer will remain in service for five years, and have a residual value of RM15,000. The computer will process 30,000 documents in the first year, with an annual processing decreasing by 2,500 documents during each of the next four years (that is 27,500 documents in Year 2016, 25,000 documents in Year 2017; 22,500 documents in Year 2018; 20,000 in Year 2019). Required: (a) Determine the cost of the asset that should be recorded in the accounts for the purchase of the computer system. (b) Prepare the machine's depreciation schedule for 5 years (from Year 2015 to 2019) based on each of the following depreciation methods: () Straight-line (ii) Double declining (iii) Units-of-production

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