Jae Ltd reported the following non-current assets at 30 June 2017: Land Buildings Less: Accumulated Depreciation...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Jae Ltd reported the following non-current assets at 30 June 2017: Land Buildings Less: Accumulated Depreciation - Buildings Equipment Less: Accumulated Depreciation - Equipment Total non-current assets During the year 2017-18, the following transactions occurred: Purchased land for $1 500 000. Oct. 1 Nov. 1 $24 000 000 8 400 000 65 000 000 10 000 000 Dec. 1 $ 2 800 000 Jan. 1 Purchased equipment for $4 000 000 cash. May 1 15 600 000 55 000 000 $73 400 000 Sold equipment that cost $2 400 000 when purchased on 1 July 2013. The equipment was sold for $1 250 000. Sold land purchased on 30 April 2007 for $3 200 000. The land's original cost was $1 000 000. Scrapped equipment that had cost $1 200 000 when purchased on 30 June 2008. No residual value was received. Required A: Prepare journal entries to record the transactions. Jae Ltd uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year useful life and no residual value. The equipment is estimated to have a 10-year useful life and no residual value. B: Record adjusting entries for depreciation for the year ended 30 June 2018. Ignore GST. Jae Ltd reported the following non-current assets at 30 June 2017: Land Buildings Less: Accumulated Depreciation - Buildings Equipment Less: Accumulated Depreciation - Equipment Total non-current assets During the year 2017-18, the following transactions occurred: Purchased land for $1 500 000. Oct. 1 Nov. 1 $24 000 000 8 400 000 65 000 000 10 000 000 Dec. 1 $ 2 800 000 Jan. 1 Purchased equipment for $4 000 000 cash. May 1 15 600 000 55 000 000 $73 400 000 Sold equipment that cost $2 400 000 when purchased on 1 July 2013. The equipment was sold for $1 250 000. Sold land purchased on 30 April 2007 for $3 200 000. The land's original cost was $1 000 000. Scrapped equipment that had cost $1 200 000 when purchased on 30 June 2008. No residual value was received. Required A: Prepare journal entries to record the transactions. Jae Ltd uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year useful life and no residual value. The equipment is estimated to have a 10-year useful life and no residual value. B: Record adjusting entries for depreciation for the year ended 30 June 2018. Ignore GST.
Expert Answer:
Answer rating: 100% (QA)
Solution Date A oct1 NOVI Decl May 1 Solution B June ... View the full answer
Related Book For
Financial Accounting
ISBN: 9781118608203
9th Edition
Authors: John Hoggett, Lew Edwards, John Medlin, Keryn Chalmers, Jodie Maxfield, Andreas Hellmann, Claire Beattie
Posted Date:
Students also viewed these accounting questions
-
A partial portion of the balance sheet at December 31, 2012, for the Gusto Corporation is presented below: The following transactions occurred during 2013: On January 1, retired equipment with a net...
-
Jaensch Ltd reported the following non-current assets at 30 June 2016: Land Buildings Less: Accumulated Depreciation Buildings $42000000 19 400000 $ 4 800000 22600000 Equipment Less: Accumulated...
-
Jen and Berry's sells ice-creams from its factory-shop in Petone. There is a managing director (Maynard Dibble), a marketing manager (Mary Salman) and a production manager (Peter Pritchard). Maynard...
-
Unlike other sciences, the nature and value of philosophy is derived from reflection versus testing, measuring, or examining. O True O False 4
-
In 1923, DuPont was granted the exclusive right to make and sell cellophane in North America. In 1927, the company introduced a moisture-proof brand of cellophane that was ideal for various wrapping...
-
Suppose that [ak] is a sequence of nonzero real numbers and that exists as an extended real number. Prove that k=1 ak converges absolutely when p > 1. ak+1 (1- p= lim k (1- ak
-
Maximizing contribution margin and shadow pricing Lorna Corporation produces two products using two production processes. Product Emm sells for $75 and has a variable cost of $50. Product Enn sells...
-
A closed-end investment company is currently selling for $10 and you purchase 100 shares. During the year, the company distributes $0.75 in dividends. At end of the year, you sell the shares for...
-
Please help solve! Thanks! Problem 4.25 Cisco Systems had net income of $4.401 billion and, at year end, 6.735 billion shares outstanding. In addition, the companys EBITDA was $6.834 billion and its...
-
There is a database that contains a website's traffic data over a period of 30 days. The first table contains users' information including the user type (user, crawler, admin). The second table...
-
Read the Shake Shack's Prospectus and write a paper in which you need to make two observations (one positive and one negative) about the prospects of the company based on information provided in the...
-
Say whether the l'Hspital's rule applies. If it does, use it to evaluate the given limit. If not, use some other method. (If an answer does not exist, enter DNE.) lim 88 6x+10x - 1 5x2 5x -...
-
As you may have observed in the world of politics, as well as in your day-to-day life, leaders have a huge impact on the world around us. In a two-page essay, write about the following: Describe the...
-
Rewrite as an exponential equation. lny = 6 Olog In X =
-
The completed financial statement columns of the spreadsheet for Carla Vista Company are shown as follows: Carla Vista Company Worksheet For the Year Ended December 31, 2022 Income Statement Balance...
-
Write 2,500-3,000 word paper (not counting title page or reference page) detailing an economic system for an imaginary country. 1. name your country 2. Choose and detail an economic system from those...
-
Which of the following is true of perceptual sets
-
Using a graphing utility, graph y = cot -1 x.
-
An investor wants to know how much a $5000 investment made today will amount to in 15 years if it earns 10% interest, compounded yearly.
-
During October 2016, Cleo organised a new business, Cleos Cafe. After each October transaction, Cleo prepared a balance sheet, as shown overleaf. Required A. Describe the nature of each of the four...
-
Trans Clothing Alterations began operations on 1 August 2016 and completed the following transactions during the first month. 1. Tran deposited $18 000 of her personal funds in a current account at a...
-
How many more edges must be included with the dashed edges to create a spanning tree? A student has been asked to construct a spanning tree for Graph \(O\), as shown in the figure. The dashed lines...
-
Give an example of a set of edges that do not have \(f\) as an endpoint, which would complete the spanning tree. A student has been asked to construct a spanning tree for Graph \(O\), as shown in the...
-
Give an example of a set of edges that do not have \(e\) as an endpoint, which would complete the spanning tree. A student has been asked to construct a spanning tree for Graph \(O\), as shown in the...
Study smarter with the SolutionInn App