Ashley Furniture Homestone and makes up his accounts to 31st December each year. He rents workshop premises. The following assets were acquired on the dates shown: Chair 1st June 1997 cost $80,000 Pick up truck 1st January 1998 cost $150,000 Motor Truck (used 1/3 privately) 30th April 1998 cost $300,000 Chair 30th April 1998 cost $250,000 Chair bought in June 1997 was sold in December 1999 for $35000. No further acquisitions or disposals took place before December 2000. Compute the Capital allowances for the years of assessment 1998 and 1999. (Ignore cents)
Ashley Furniture Homestone and makes up his accounts to 31st December each year. He rents workshop premises. The following assets were acquired on the dates shown: Chair 1st June 1997 cost $80,000 Pick up truck 1st January 1998 cost $150,000 Motor Truck (used 1/3 privately) 30th April 1998 cost $300,000 Chair 30th April 1998 cost $250,000 Chair bought in June 1997 was sold in December 1999 for $35000. No further acquisitions or disposals took place before December 2000. Compute the Capital allowances for the years of assessment 1998 and 1999. (Ignore cents)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 7E: Loban Company purchased four cars for 9,000 each and expects that they will be sold in 3 years for...
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Ashley Furniture Homestone and makes up his accounts to 31st December each year. He rents workshop premises. The following assets were acquired on the dates shown:
Chair 1st June 1997 cost $80,000 Pick up truck 1st January 1998 cost $150,000 Motor Truck (used 1/3 privately) 30th April 1998 cost $300,000 Chair 30th April 1998 cost $250,000
Chair bought in June 1997 was sold in December 1999 for $35000. No further acquisitions or disposals took place before December 2000.
Compute the Capital allowances for the years of assessment 1998 and 1999. (Ignore cents)
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