Solved: A motor vehicle was purchased on 31 march 2016 for 42000, Accounting Basics

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A motor vehicle was purchased on 31 march 2016 for 42000

Question - A motor vehicle was purchased on 31 March 2016 for $42,000 plus GST. It has an expected useful life of 5 years and is being depreciated using the straight-line method to a residual value of $10,000 plus GST.

Assuming balance day is 30 June.

How much is depreciation each year? (Show your workings).

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Accounting Basics: A motor vehicle was purchased on 31 march 2016 for 42000

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Accounting Basics: A motor vehicle was purchased on 31 march 2016 for 42000

Reference No:- TGS02494278

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