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Sabine Ltd imported a delivery truck from Japan on 1 July 2019 at a cost of $75 000. Import duties and taxes amount to $5 000 and a few modifications had to be made to get the truck roadworthy, which amount to $10 000. The delivery truck was ready for use on 1 January 2020 and was expected to be used by Sabine Ltd for 5 years after which time it would be scrapped. On 1 July 2021, a new in-built freezer unit on the back of the truck was installed at a cost of $20 000.
REQUIRED
Problem 1: Calculate the depreciation expense for the delivery truck for the years ending 30 June 2020, 2021 and 2022, using the straight-line method.
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