Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

answer in word, please no handwritten or no picture/screenshot. thank u. Question 1. i. Calculate the yearly depreciation for a machine that has an expected

image text in transcribed

answer in word, please no handwritten or no picture/screenshot. thank u.

Question 1. i. Calculate the yearly depreciation for a machine that has an expected useful life of 10 years. The machine cost RM136,500. The cost to ship the machine was RM1,250. Installer charge RM2,250 to install the machine. The company expect the machine to have a salvage value is RM5,000 at the end of the useful life and company decide to use the straight-line method to depreciate the machine. ii. Prepare a journal entry to record the above depreciation in Year 1. Question 2 i. Construct a depreciation schedule using the straight line method for a new excavator that costs RM360,000 and has a salvage value of RM10,000 at the end of 7 years. ii. Determine the Book Value of the excavator at the end of year 4. iii. Prepare a journal entry to record the above depreciation in Year 5

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing A Risk Based-Approach

Authors: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

11th Edition

1337619455, 1337619450, 9781337670203 , 978-1337619455

More Books

Students also viewed these Accounting questions

Question

Coping with chronic pain

Answered: 1 week ago