Question: Question 3 (20 marks) Jasra Brother Ltd. bought a machine for $ 10 000 on 1 July 2020. They have estimated the useful life of

Question 3 (20 marks)

Jasra Brother Ltd. bought a machine for $ 10 000 on 1 July 2020. They have estimated the useful life of the machine to be 8 years with a salvage value of $ 2000.

a. Record the adjusting entry at 30 junefor year ending 30 June 2022. (5 marks)

b. what amount should be reported in the 30 june 2022 statement of financial position for machinery(net)

c. if no adjusting entry wad made on 30 june, 2022 by how much would profit be overstated or understated? would assests be overstated or understated? Ecplain.

d. what amount should be reported in the 30 june 3022 statement of financial performance for depreciation expense?

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