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Calculate the vehicle pro-rata depreciation charge

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Reference no: EM132254948

Question -

a) Distinguish between Current and Non-Current Assets, giving four examples of each.

b) A Motor Vehicle was purchased on 30 April 2016 for $30,600 (excluding GST). Twelve months registration costing $500 was included in the purchase price.

Prior to delivery, the Vehicle was converted to dual-fuel with the supply and installation of an LPG tank. The cost of the conversion was $2,090 (including GST).

The Motor Vehicle is to be depreciated at a rate of 25% per annum using Reducing-Balance Method.

Required:

i. Calculate the Capital Cost of the Vehicle.

ii. Calculate the vehicle's pro-rata Depreciation charge and the closing Written-Down Value at 30 June 2016.

iii. Calculate the Depreciation for the years ended 30 June 2017, 2018 and 2019. All calculations should be rounded to nearest dollar.

Reference no: EM132254948

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