The plant and machinery at cost account of a business for the year ended 30 June 20X4 was as follows:
PLANT AND MACHINERY - COST
20X3??????????????????????????????????????????????????????? ???????? ??$????????????????????????????????????????? ?20X31???????????????????????????????????? ?$
1 Jul 20X4???????????? ?Balance??????????????????????????? ?240,000????????30 Sep Transfer disposal account 20X4?????? ?60,000
1 Jan???????????? ?Cash - purchase of plant???????????160,000?????????????????????????????????????????????????????????????????????????????? 340,00
????????????????????????????????????????????????????????????????????????? 400,000??????? 30 Jun Balance?????????????????????????????????????????????400 ,000
The company's policy is to charge depreciation at 20% per year on the reducing balance basis, with proportionate depreciation in the years of purchase and disposal What should be the depreciation charge for the year ended 30 June 20X4?