A Machinery is purchased for $ 60,000 on 1st April 2009. It is estimated that the residual value of this plant at the end of its working life of 1o years will be $ 20,920. Depreciation is to be provided at 10% p.a. on the diminishing balance method. You are required to show the Plant Account for 4 years, assuming that the books are closed on 31st March every year.

A Machinery is purchased for $ 60,000 on 1st April 2009. It is estimated that the residual value of this plant at the end of its working life of 1o years will be $ 20,920. Depreciation is to be provided at 10% p.a. on the diminishing balance method. You are required to show the Plant Account for 4 years, assuming that the books are closed on 31st March every year.

Name: A Machinery is purchased for $ 60,000 on 1st April 2009. It is estima
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Description: A Machinery is purchased for $ 60,000 on 1st April 2009. It is estimated that the residualvalue of this plant at the end of its working lite of 1o years will be $ 20,920. Depreciation isto be provided at 10% p.a. on the diminishing balance method.Yo

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter18: Accounting For Long-term Assets

Section: Chapter Questions

Problem 3CE: A machine costing 350,000 has a salvage value of 15,000 and an estimated life of three years....

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