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Calculate the depreciation expense to be recorded in books

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Problem 1: On 3oth June 2020, Max Enterprises purchased a vehicle for K250 000 cash. He estimated a residual value at the end of five years to be K25,000. Calculate the depreciation expense to be recorded in the books of Max Enterprises for the year ending 31st December 2020. In addition, pass the necessary journal entries to record both the purchase of the motor vehicle and the depreciation of the motor vehicle.

Reference no: EM132764994

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