Instruction: Answer ALL Questions Question 1 Test bank : TutPPE Florence prepares the company year end accounts on 31" December annually. The following transactions occurred during the year 2017: Date of Assets Useful life Disposal Cost (RM) purchase (year) Value (RM) 1 July 2012 Motor Vehicles 100 100,500 1 Jan 2012 Equipment 8 0 142,000 1 Jan 2012 Labelling Machine 8 0 65,000 The company uses: i) straight line method of depreciation for motor vehicles and equipment. ii) reducing balance method for labelling machine with the rate 10% iii) The company implement month to month basis of depreciation. (Depreciation is calculated based on number of month the assets exist in the business) All payments and receipts for the above transactions were made through cheque/bank. You are required to prepare: a) Depreciation schedule for motor vehicles, equipment and labelling machine from year of purchase until 31 December 2017. b) Prepare the non current assets section in statement of financial position