128 At 30 September 20X2, the following balances existed in the records of Lan Plant and equipment: Cost $860,000 Accumulated depreciation $397,000 During the year ended 30 September 20X3, plant with a written down value of $37,000 was sold for $49,000. The plant had originally cost $80,000. Plant purchased during the year cost $180,000. It is Lambda Co's policy to charge a full year's depreciation in the year of acquisition of an asset and none in the year of sale, using a rate of 10% on the straight line basis. What was the carrying amount that should appear in Lambda Co's statement of financial position at 30 September 20X3 for plant and equipment? $

128 At 30 September 20X2, the following balances existed in the records of Lan Plant and equipment: Cost $860,000 Accumulated depreciation $397,000 During the year ended 30 September 20X3, plant with a written down value of $37,000 was sold for $49,000. The plant had originally cost $80,000. Plant purchased during the year cost $180,000. It is Lambda Co's policy to charge a full year's depreciation in the year of acquisition of an asset and none in the year of sale, using a rate of 10% on the straight line basis. What was the carrying amount that should appear in Lambda Co's statement of financial position at 30 September 20X3 for plant and equipment? $

Name: 6ld128 At 30 September 20X2, the following balances existed in the re
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Description: 6ld128 At 30 September 20X2, the following balances existed in the records of Lambda Co:Plant and equipment:Cost$860,000Accumulated depreciation$397,000During the year ended 30 September 20X3, plant with a written down value of $37,000 wassold for $

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 7BCRQ

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(Appendix 11.1) Auburn Company purchased an asset on January 1, Year 1, for 150,000. The asset has a MACRS life of 7 years. The residual value of the asset is 35,000. Calculate the depreciation expense for Year 1 and Year 2 using MACRS.
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At 30th September 20X1, the following balances existed in the records of Lam: Plant and equipment - cost: $860,000 Accumulated depreciation: $397,000 During the year ended 30th September 20X2, plant with a written down value of $37,000 was sold for $49,000. The plant had originally cost $80,000. Plant purchased during the year cost $180,000. It is the company’s policy to charge a full year’s depreciation in the year of acquisition of an asset and none in the year of sale, using a rate of 10% on the straight line basis. What net amount should appear in Lam’s statement of financial position at 30th September 20X2 for plant and equipment? a) $563,000 b) $467,000 c) $510,000 d) $606,000