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Question 21 Answer saved Marked out of 7.50 P Flag question ABC Pty Ltd acquired...

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Question 21 Answer saved Marked out of 7.50 P Flag question ABC Pty Ltd acquired a machine for $500,000 on 1 January 2018. The machine has an estimated useful life of 10 years. The machine was sold on 1 March 2020 for $350,000 Required: A) Prepare the depreciation schedule using the prime cost method (2 marks) B) Prepare the depreciation schedule using the diminishing value method (3 marks) C) Calculate the assessable or deductible balancing adjustment under the prime cost method (1 mark) D) Calculate the assessable or deductible balance adjustment under the diminishing value method. (1.5 marks)

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