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Questions 1 What is the depreciation expense for equipment for the year ended 31 December 2018, using the diminishing balance method?
2 Calculate the depreciation expense for vehicles for the year ended 31 December 2018, using the straight-line method.
3 What is the carrying amount of the old delivery vehicle immediately before its disposal on 31 December 2018?
4 What was the profit or loss on the disposal of the old delivery vehicle?
5 Which general ledger accounts are affected by the sale of the old delivery vehicle?
6 What is the total carrying amount of Property, Plant and Equipment (PPE) at 31 December 2018?
7 What is the balance of the 'Vehicles: Cost' account at 31 December 2018, after all adjustments?
8 What is the balance of the 'Vehicles: Accumulated depreciation' account at 31 December 2018, after all adjustments?
9 Which of the following entries is *incorrect* in the journal entries provided for the year ended 31 December 2018?
10 Explain the primary purpose of the 'Asset disposal' general ledger account. 