Andrew works as a sales and marketing consultant for Hisense Australia. As part of his work, he purchased a Mercedes van on 1 January 2022 for $60,000. The vehicle has an effective life of 8 years and is used 50% for business purposes. Required: Calculate the depreciation allowable in relation to the vehicle for the year ended 30 June 2023. Use the Diminishing Value Method. (based on australia taxation law)

Andrew works as a sales and marketing consultant for Hisense Australia. As part of his work, he purchased a Mercedes van on 1 January 2022 for $60,000. The vehicle has an effective life of 8 years and is used 50% for business purposes. Required: Calculate the depreciation allowable in relation to the vehicle for the year ended 30 June 2023. Use the Diminishing Value Method. (based on australia taxation law)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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