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Question - KLM Ltd purchased new equipment on 1st January 2010, at a cost of $420 000 net of GST. The company estimated that the equipment had a useful life of 5 years and a residual value of $45 000.

Required - Assuming a financial year ending 30th June, calculate the amount of depreciation expense for each year ending 30th June 2010 through to 30th June 2015, with each of the following methods:

(a) Straight line 2 marks

(b) sum-of-years-digits

(c) Diminishing balance using the formula

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