Question
A company disposed of a piece of equipment for $10,500 on 30-06-2008. This equipment was purchased for $24,000 on 1-07-2005 with a usual life of
- A company disposed of a piece of equipment for $10,500 on 30-06-2008. This equipment was purchased for $24,000 on 1-07-2005 with a usual life of 6 years. Prepare the journal entry(s) recording this transaction. [7 Marks]
2. On 1 October 2007 William Ltd purchased a machine for $60,000 + GST. Installation cost was a further $7,400 + GST. It is estimated that the machine will provide equal benefit each year over its 5-year service life and be disposed of for $8,000. Calculate depreciation for the year ending 30-06-2008.
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Audit Committees Audit Committees Issues Constraints And Development Trends Of Their Roles And Responsibilities
Authors: Mounir Hedhili
1st Edition
620362120X, 978-6203621204
