FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assuming that a building is purchased at the cost of $500,00 on 1st July 2022 and being depreciated using Reducing balance method at the rate

Assuming that a building is purchased at the cost of $500,00 on 1st July 2022 and being depreciated using Reducing balance method at the rate of 40% p.a over 20 years. . How much depreciation will be charged in the first year as at 30th June 2023? How much would be the book value of the Building as at 30th June 2024? . The building is sold on 30th June 2024 for $ 150,000 cash. Record for this sale
image text in transcribed
Assuming that a bullding is purchased at the cost of $500,00 on 1 st July 2022 and being depreciated using Reducing balance method at the rate of 4006 p.a over 20 years. - How much depreciaban will be charked in the frrst year as at 30 June 2023? - How much would be the book value of the Building as at 30fh June 2024 ? - The building is sold on 30th June 2024 for $150,000 cash. Record for this sale

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

Contemporary Labor Economics

Contemporary Labor Economics

Authors: Campbell McConnell, Stanley Brue, David Macpherson

9th Edition

0073375950, 9780073375953

More Books

Students also viewed these Accounting questions

Question

★★★★★
Refer to Exercise 18-17. For 2013, Eltons managers have decided to use the same indirect manufacturing costs per wheel rim that they computed in 2012. In addition to the unit indirect manufacturing...

Answered: 1 week ago

Question

★★★★★
1. Assuming Doug has another account set aside for emergencies, how much can he withdraw on a monthly basis to supplement his retirement annuity if his investments return 5 percent annually and he...

Answered: 1 week ago

Question

★★★★★
=+34. Segments and surveys. AaronsAir (see Exercises 28, 30, and 32) could purchase a market survey from a firm that has advised the island tourist and conference bureau. He thinks their projections...

Answered: 1 week ago

Question

★★★★★
PEI Potatoes processes potatoes into potato cuts at its highly automated plant. For many years, it processed potatoes for only the retail consumer market where it had a superb reputation for quality....

Answered: 1 week ago

Question

★★★★★
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials...

Answered: 1 week ago

Question

★★★★★
Prove that the far-field diffraction pattern from a large set of randomly placed identical apertures of any shape (e.g. rectangular, circular, or any other geometry) is almost the same as from a...

Answered: 1 week ago

Question

★★★★★
The form of energy processed by vision is ______________. Question 20Answer a. Sound waves b. Light waves c. Chemical signals d. Electric impulses

Answered: 1 week ago

Question

★★★★★
This is based on the plastic straw articles below. Be sure to base your analysis on the snippets provided. Be specific in the analysis, especially for the industries and the stakeholders. Based on...

Answered: 1 week ago

Question

★★★★★
Supply chain manager proposes two altenatives 4 week lead time reduction by workign with alternative supplier or Reducing the number of DCs 10 reduction in number of DCs a. Which alternative do you...

Answered: 1 week ago

Question

★★★★★
A lab technician wants to measure the terminal voltage of a battery connected to a load resistor R-2 Q. The battery has r 0.50 internal resistance and emf e-5V. The lab technician being amateur...

Answered: 1 week ago

Question

★★★★★
Julia mark and Peter own a rental property as tenants in common. Julia owns a 40% share, mark owns a 35% share and Peter owns the remaining 25%. the property generates $2000 in rental income for the...

Answered: 1 week ago

Question

★★★★★
3.45 A bank classifies borrowers as high risk or low risk. Only 15% of its loans are made to those in the highrisk category. Of all its loans, 5% are in default, and 40% of those in default were made...

Answered: 1 week ago

Question

★★★★★
3.42 Market research in a particular city indicated that during a week, 18% of all adults watch a television program oriented to business and financial issues, 12% read a publication oriented to...

Answered: 1 week ago

Question

★★★★★
3.41 A coach recruits for a college team a star player who is currently a high school senior. In order to play next year, the senior must both complete high school with adequate grades and pass a...

Answered: 1 week ago

Previous Question Next Question