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Use the information below to answer the following questions.
Delta Ltd purchased a motor vehicle for $45,000 on 1 January 2011. The vehicle was expected to have a life of 3 years and an estimated disposal value of $15,000. The straight-line method of depreciation is employed and the financial year ends on 30 June.
-What was the balance of the accumulated depreciation account at 30 June 2012?
UCC
Uniform Commercial Code; a comprehensive set of laws governing commercial transactions in the United States.
Valid Contract
A legally binding agreement between parties, fulfilling all necessary legal conditions and requirements.
Mutual Assent
An agreement between parties that intend to form a contract, evidenced by an offer and acceptance.
Consideration
A value that is promised, given, or received by a party in a contract, making the agreement legally enforceable.
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