The accounting year end of a company is 31 December.
The company purchased a motor vehicle on 1 January 2020 and incurred the following costs.
1 cost, $\$ 30000$, of which half was paid by cheque. The balance was paid by a bank loan. Loan interest for the year ended 31 December 2020 was $\$ 2500$.
2 delivery cost, $\$ 2000$
3 engine improvement cost, $\$ 4000$
4 repair and maintenance costs for three years, $\$ 5000$
The motor vehicle was to be depreciated by 20% per annum using the straight-line method.
What is the depreciation charge for the year ended 31 December 2020?
1 )
$\$ 4200$
$\$ 7200$
3 )
$\$ 7700$
4 )
$\$ 8200$
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