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Amin Enterprise bought equipment for RM 62,000, with an estimated useful life of four years

Accounting

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Amin Enterprise bought equipment for RM 62,000, with an estimated useful life of four years. At the end of the fourth year, the car can be sold for RM 2,000. Amin Enterprise adopts the straight line method to provide depreciation. Financial year ends on 31 December each year.

Required to:

a) Calculate the depreciation expense for the four yearsb) Show the journal entries to record depreciation expenses for the four years

c) Prepare the depreciation account and accumulated depreciation account.

d) Show the extract statement of comprehensive income and statement of financial position for the respective years.