Accounting 0452 · IGCSE · Accounting for depreciation and disposal of non-current assets

Accounting for depreciation and disposal of non-current assets — practice question

On 1 January 2022, a business purchased two assets, X and Y, for $2000 each. Asset X is depreciated at $10\%$ per annum by the straight-line method, while asset Y is depreciated at $10\%$ per annum by the reducing balance method. Which statements are correct?

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