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Question - Dave's Contract Farming Service Ltd purchased a new tractor on 1 July 2018 for $350,000. The tractor is expected to have a useful life of 10 years. At the end of the tractor's estimated useful life, Dave estimates that its residual value will be $30,000.
On 31 December 2020, the company sold the tractor for $300,000. The company has a year-end of 30 June.
Required -
(i) Calculate the annual depreciation expense (2019 & 2020) for the tractor, using the straight-line method and Reducing balance method (Assume 20% rate). Marks 15
(ii) Calculate the Gain or Loss for the Disposal of Tractor under both methods.
(iii) Explain the reasons for the differences of profit or loss under Straight line and Reducing balance method.
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