On 1 January 2021, a machine was bought at a cost of $33,000. The machine is to be depreciated at 20% per annum using the reducing balance method. The net book value of the machine as of 31 December 2023 will be_____.
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On 1 January 2021, a machine was bought at a cost of $33,000. The machine is to be
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- On 1 April 2021, PHI plc acquired a new machine for a price of £25,000. On the same day, PHI paid £5,000 for a staff training session on how to operate the machine. For the subsequent measurement of the machine, PHI chose the revaluation model and the diminishing balance method with an annual rate of 30%. PHI expects to use the machine for 10 years and to dispose of it at the end of these 10 years (residual value of £0). On 31 December 2021, the machine has a fair value of £23,000; on 31 December 2022, the machine has a fair value of £12,000. PHI has a fiscal year ending 31 December. REQUIRED: i) Explain what the subsequent measurement of the machine tells you about the subsequent measurement of other items of property, plant and equipment (PPE). ii) Calculate the relevant amounts and prepare the journal entries for the initial recognition and subsequent measurement of the machine in fiscal years 2021 and 2022. Explain each of your steps.) 3)On 31 December 2021, annual depreciation…On 1 April 2021, PHI plc acquired a new machine for a price of £25,000. On the same day, PHI paid £5,000 for a staff training session on how to operate the machine. For the subsequent measurement of the machine, PHI chose the revaluation model and the diminishing balance method with an annual rate of 30%. PHI expects to use the machine for 10 years and to dispose of it at the end of these 10 years (residual value of £0). On 31 December 2021, the machine has a fair value of £23,000; on 31 December 2022, the machine has a fair value of £12,000. PHI has a fiscal year ending 31 December. REQUIRED: a) Explain what the subsequent measurement of the machine tells you about the subsequent measurement of other items of property, plant and equipment (PPE). b) Calculate the relevant amounts and prepare the journal entries for the initial recognition and subsequent measurement of the machine in fiscal years 2021 and 2022. Explain each of your steps.) c)On 31 December 2021, annual depreciation…During 2022, MinMin Co. purchased a second-hand machine at a price of P3,200,000. A cash payment of P500,000 was made and a two-year non-interest bearing note was issued for the balance. The cash price equivalent for similar machineries was at P 2,400,000. A new machine would cost P4,000,000. The following costs were incurred during the year: Cost of removing old machine that was replaced Cash proceeds from the sale of the old machine replaced General overhaul and repairs to condition machine prior to use Cost of spare parts to cover breakdowns Cost of installation Cost of testing machine prior to use, net of 10,000 proceeds from sale of samples Cost of hauling machine from vendor to entity premises Cost of repairing damage to machine caused when machine was dropped during installation Repairs incurred during first year of operations Safety device added to the machine Cost of training workers to operate the machine P 30,000 10,000 150,000 200,000 80,000 Compute the amount to be…
- On January 1, 2019, Williams Company purchased a copy machine. The machine costs $160,000, its estimated useful life is 8 years, and its expected salvage value is $10,000. What is the depreciation expense for 2020 using double-declining-balance method?On 1 July 2020 Tom bought a machine for P15, 500. He depreciates machinery at a rate of 20% per annum on the reducing balance basis. A full year’s depreciation is charged in the year an asset is purchased. His year end is 31 October. a. Calculate the depreciation charge on the machine for the year to 31 October 2022.Getaway Inc. bought a machine on January 1, 2021 for $50,000. Getaway plans to keep the machine for 10 years. What is the machine's carrying value on June 30, 2023 assuming Gateway uses straight-line depreciation?
- Norah purchased a machine for RM100,000 on 1 July 2017. The machine has an estimated useful life of five years and a residual value of RM10,000. What is the carrying value (net book value) of the machine at 30 June 2020? A RM18,000. B RM10,000. C RM46,000. D RM54,000.Oriole plc purchased a computer for £9.440 on January 1, 2021. Straight-line depreciation is used, based on a 5-year life and a £1,180 residual value. In 2023, the estimates are revised. Oriole now feels the computer will be used until December 31, 2024, when it can be sold for £590. Compute the 2023 depreciation.Ariel Company purchased a boring machine on January 1, 2020 for P8,100,000. The useful life of the machine is estimated at three years with a residual value of P600,000. During the useful life, the expected units of production from the machine are 10,000 units for 2020, 9,000 units for 2021 and 6,000 units for 2022. What is the depreciation expense for 2021 using the most appropriate depreciation method?
