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A motor vehicle was purchased for $160,000 on 1 st January, 2017. It is estimated that it has a useful life of 4 years and will then be sold for...

A motor vehicle was purchased for $160,000 on 1st January, 2017. It is estimated that it has a useful life of 4 years and will then be sold for $10,000. The financial year ends on 31st December. 

For the diminishing balance method, the firm uses a 50% depreciation rate.  

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