Based on the International Accounting Standards, solve the following exercises: IAS 16. Fixed Assets. We are a graphic arts company, and at the beginning of 2016, we acquired a new printer. The price of this printer was 25,000 euros.
1)Based on the International Accounting Standards, solve the following exercises: IAS 16. Fixed Assets. We are a graphic arts company, and at the beginning of 2016, we acquired a new printer. The price of this printer was 25,000 euros. The additional expenses of the purchase were as follows: Installation and assembly: 3.000 euros. Transportation and delivery: 1.150 euros. All operations have a 21% VAT (not included), and the payment of the amounts is made by bank check. During January, the assembly and installation of the new printer takes place, which is in perfect working condition from February the 1st. The useful life expectancy of the printer is estimated at 10 years, and its amortisation will be carried out following the linear method. Additionally, at the end of its useful life, the company will have to face the costs of dismantling and rehabilitation of the place. Estimating said costs in 5,000 euros. Besides, said machinery requires specialised weekly maintenance, amounting to 250 euros per month. Calculate: The initial cost of the acquisition. The amortization fees. The costs derived from daily maintenance.
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