Question: Section B: Short Answer Type Questions. (1 x 3marks = 3 Marks) 1. Om August 1, 2004 a machine was purchased for OMR 800,000. Its

Section B: Short Answer Type Questions. (1 x 3marks = 3 Marks) 1. Om August 1, 2004 a machine was purchased for OMR 800,000. Its estimated useful life was 10 years and the salvage value OMR 80,000. Accounting year closed on December 31. (3 Marks) Required: a) Calculate the amount of Depreciation Expense under Straight Line method for the year 2004. b) Give general entry to record the depreciation expense on December 31,2004 Answer: Page 2 of 2

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