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| C2- 3.
Linda Ltd purchased a piece of equipment for $800,000 on the 1st January 2007. The equipment is expected to have an economic life of 5 years and will have no residual value. Depreciation is calculated on a straight-line basis over the life of the asset. The company received a government of $400,000 towards the purchase of the equipment. The financial year end of the company is December 31st each year. Required: Show the relevant extracts from the financial statements for the years ended 31/12/07 & 31/12/08 |