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Novelty Chemicals bought a Motor Vehicle for
$110,000 on January 5, 2016. The estimated useful
life of the vehicle is ten years. The disposal value
is estimated at $10,000. Annual depreciation is on
the straight line method.
Required for years 2016, 2017 and 2018:
a) The Motor Vehicle A/c.
b) The Provision for depreciation A/c.
c) The Profit and Loss accounts extracts for annual
depreciation.
d) The Balance Sheet extracts for motor vehicle and its
related depreciation.
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Earn +20 ptsQ: Why Novelty Chemicals bought a Motor Vehicle for$110,000 on January 5, 2016. The estimated usefullife of the vehicle is ten years. The disposal valueis estimated at $10,000. Annual depreciation is onthe straight line method?
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