Question: **PLEASE EXPERTS SHOW ME COMPLETE WORKINGS PLEASE I NEED TO UNDERSTAND** Bezt Pte Ltd produces clothes in Singapore. Its accounting year ends on 31 December

**PLEASE EXPERTS SHOW ME COMPLETE WORKINGS PLEASE I NEED TO UNDERSTAND** Bezt Pte Ltd produces clothes in Singapore. Its accounting year ends on 31 December annually,

On 1 Jan 2019, the company bought a new machine for $310,000. It has an estimated life of 8 years and residual value of $50,000.

The business adopts the straight-line method of depreciation.

Required:

a) Compute the annual depreciation expense for the new machine. Show all workings.

b) Prepare the general journal entries to record the depreciation expense on 31 December 2019. Narrations are not required.

General Journal

Date

Particulars

Dr ($)

Cr ($)

2019

31 Dec

c) Show how the machine would be presented in the Classified Balance Sheet as at 31 December 2021.

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