Income statement and balance sheet data
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Singh enterprises has an accounting year to 31 December and uses the straight-line method of depreciation. On 1 January 2006 the business bought a machine for 10,000. The machine had an expected useful life of four years and an estimated residual value of 2,000. On 1 January 2007 the business bought another machine for 15,000. This machine had an expected useful life of five years and an estimated residual value of 2,500. On 31 December 2008 the business sold the first machine bought for 3,000.
Required:
Show the relevant income statement extracts and balance sheets extracts for the years 2006, 2007 and 2008.
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The expert examines income statements and balance sheet data.
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