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Monteverdi Minerals bought a forklift truck for £30,000 on 1 March 2014. It was estimated to last for 5 years, when it would be worth £4,000. What is the annual depreciation under the straight line method?
Annual depreciation =\frac{(Cost – Residual value))}{Useful life in years}
=\frac{(30,000 – 4,000)}{5}= £5,200 p.a.