Question: Based on the following information, you are required to answer the following four questions: Costs on Acquisition on 1 February 2019: Machine Cost Import Tax

Based on the following information, you are required to answer the following four questions: Costs on Acquisition on 1 February 2019: Machine Cost Import Tax Delivery Fees Annual Maintenance Fees $25,000 $2,000 $3,000 $2,000 Depreciation Method: Straight-line method Residual value: $6,000 Useful Life: 4 Years Answer 4 questions below by selecting answers from the drop-down menus below. Each question awards 1.5 marks. What cost of acquisition is recorded on the purchase date? How much depreciation is charged on 31 December 2019? What is the balance of accumulated depreciation on 31 December 2020? What is the profit or loss on disposal, if the machine is sold for $13,000 on 31 December 2021

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