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- Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the purchase of the printer impacts not only depreciation expense each year but also the assets book value. What amount will be recorded as depreciation expense each year, and what will the book value be at the end of each year after depreciation is recorded?Ngo Company purchased a truck for $54,000. Sales tax amounted to $5,400; shipping costs amounted to $1,200; and one-year registration of the truck was $100. What is the total amount of costs that should be capitalized? A. $60,600 B. $66,100 C. $54,000 D. $59,400A company purchased a building twenty years ago for $150,000. The building currently has an appraised market value of $235,000. The company reports the building on its balance sheet at $235,000. What concept or principle has been violated? A. separate entity concept B. recognition principle C. monetary measurement concept D. cost principle
- 3. On 1 August 2022, Capricorn Holdings Pty Ltd acquires a property (consisting of a large block of land and a commercial office building) for an amount of $5.8 million. The company engaged a quantity surveyor to determine the breakdown of the costs relating to the property. The quantity surveyor’s report reveals the following cost information. $Cost of land1 200 000Demolition of old building on site (April 2015) 40 000Pre-construction site clearance (May 2015) 170 000Construction of new building (August 2015) 2 600 000Landscaping (March 2017)32 000The company leased the commercial office building to tenants on 22 August 2022. It was rented out to tenants from 22 August 2022 to 30 June 2023 inclusive. Required: Calculate Capricorn Holdings Pty Ltd’s deduction for capital works expenditure(Division 43) for the year ended 30 June 2023. Please quote appropriate sections of the ITAA (1997) in your answer. Please round all calculations to the nearest whole dollar.The Coconut Shell is a manufacturer of a coconut ginger cake . The following details were obtained at as December 31, 2016 DR CR Purchase of raw materials 145000 Purchase of indirect materials 52000 Land and building 1,200,000 motorvehicle at cost 300,000 machinery & equipment 400,000 provision for depreciation : Building 40,000 Motor vehicle 35000 machinery & equipment 20000 admin wages 60,000 office expense 25000 provision for unrealised profit 4500 debtors 40,000 creditors…Mooney Ltd. completed construction of an offi ce building for £2,400,000 on December 31, 2016. The company estimated that the building would have a residual value of £0 and a useful life of 40 years. A more detailed review of the expenditures related to the building indicates that £300,000 of the total cost was used for personal property and £180,000 for land improvements. The personal property has a depreciable life of 5 years and land improvements have a depreciable life of 10 years. Instructions Compute depreciation expense for 2017 using component depreciation and the straightline method.
- The Aghfa Id purchased new machinery for Rs 1,400,000 with 6years estimated useful life andno salvage value, on 1s July, 2015.It's a company policy to charge depreciation @ 15% onreducing balance method. The company got 5% discount on machine cost due to special effortsof purchase manager. An additional engineer is hired to operate such machine at salary ofRs.50, 000 pm. As machine was imported so import duty @ 2% is charged on net purchase price.Installation and other expenses were Rs.600, 000 and Rs.100, 000 respectively. After installmentmanagement conducts initial testing that was cost Rs.150, 000 and scrap from testing wasrealized for Rs.20, 000. Marketing department estimates Rs.200, 000 for the promotion of newproduct.Requirement:1. Find total initial cost2.Prepare the depreciation schedule.Hijau Bhd incurred RM250,000 for preparing, cutting and leveling land for the installation of a machine which cost RM70,000. How much is the IBA entitled for Hijau? Select one: a. RM32,500 b. RM9,100 c. RM41,600 d. RM2,100Moore Corporation follows a policy of a 10% depreciation charge per year on all machinery and a 5% depreciation charge per year on buildings. The following transactions occurred in 2015: March 31, 2015— Negotiations which began in 2014 were completed and a warehouse purchased 1/1/06 (depreciation has been properly charged through December 31, 2014) at a cost of $3,200,000 with a fair value of $2,000,000 was exchanged for a second warehouse which also had a fair value of $2,000,000. The exchange had no commercial substance. Both parcels of land on which the warehouses were located were equal in value, and had a fair value equal to book value. June 30, 2015— Machinery with a cost of $240,000 and accumulated depreciation through January 1 of $180,000 was exchanged with $150,000 cash for a parcel of land with a fair value of $230,000.The exchange had commercial substance. Required: Prepare all appropriate journal entries for the March 31, 2015 and June 30, 2015 exchanges for Moore…
- Colorado Pte Ltd commenced its first non-structural renovation works in accounting year 2017 at the cost of $120,000 and incurred a further $70,000 in accounting year 2018. In accounting year 2019, it upgraded its reception area and spent $250,000 on non-structural renovation costs. What is the amount deductible under Section 14Q in Year of Assessment 2020? Group of answer choices $100,000 $36,667 $116,667 $70,000On July 10, 20X8, your firm purchases for $126,000 a machine with an estimated useful life of 8 years and a salvage value of $6,000. Your firm uses SYD depreciation and depreciates assets purchased between the 1st and 15th of the month for the entire month and assets purchased after the 15th as though they were acquired the following month. What is 20X1 depreciation expense $13,333 $11,111 $26,667 $13,889Midnight, Inc. incurred the following costs related to equipment purchased on January 1, 2022: • Purchased equipment for $80,000, terms 2/ 10, net 30. Paid for the equipment on January 5, 2022. • Had the equipment installed and paid the installer $5,000. • Paid the freight bill for the truck that delivered the equipment for $800. • Advertised a new product that will be produced by the new equipment, $1,900. • Sales taxes paid on the equipment amounted to $6,000. • During installation, a part was broken off and had to be replaced for $2,700. • Midnight believes the machine will be useful for 5 years, at which time it will be sold for $5,000. Assuming Midnight, Inc. uses the straight-line method of depreciation, what will depreciation expense on its 2023 income statement be? Select one: a. $35,330 b. $17,580 c. $19,170 d. $34,720 e. $17,040
