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Can someone help me with this, please :) and in the below ss, those are the options available On 1 July 2014, Capers Ltd purchased
Can someone help me with this, please :)
and in the below ss, those are the options available
On 1 July 2014, Capers Ltd purchased equipment with cash for a total cost of $224,400 Including 10% GST. The estimated useful life of the equipment was 10 years, with an estimated residual value of $17,000. The entity's reporting period ends on 30 June, and it uses straight-line depreciation. On 1 July 2016, the entity revalued the equipment upwards by $15,000 to reflect the fair value. The revised useful life was 8 years and residual value was estimated at $8,000. On 1 January 2018, Capers Ltd revalued the equipment downwards by $18,300 to reflect the fair value. (a) Prepare the journal entries in relation to the equipment from the date of acquisition. (Enter debit entries first followed by credit entries. Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) Capers Ltd General Journal Debit Credit Date Account and explanation $ $ 1/7/14 Equipment 204000 GST pald 20400 Cash 18700 30/6/15 Depreciation expense 18700 Equipment 18700 30/5/16 Depreciation expense 18700 Equipment 18700 1/7/16 Equipment Revaluation surplus (To record equipment at carrying value before revaluation) (To record revaluation) 30/6/17 Depreciation expense 22700 Equipment 22700 1/1/18 Depreciation expense 11350 11350 Equipment (To record depreciation expense) 1/1/18 Revaluation surplus (To record equipment at carrying value before revaluation) Equipment (To record revaluation) Click if you would like to show Work for this question: Open Show Work On 1 July 2014, Capers Ltd purchased equipment with cash for a total cost of $224,400 Including 10% GST. The estimated useful life of the equipment was 10 years, with an estimated residual value of $17,000. The entity's reporting period ends on 30 June, and it uses straight-line depreciation. On 1 July 2016, the entity revalued the equipment upwards by $15,000 to reflect the fair value. The revised useful life was 8 years and residual value was estimated at $8,000. On 1 January 2018, Capers Ltd revalued the equipment downwards by $18,300 to reflect the fair value. (a) Prepare the journal entries in relation to the equipment from the date of acquisition. (Enter debit entries first followed by credit entries. Credit account tities are automatically indented when the amount is entered. Do not indent manually.) Capers Ltd General Journal Debit Credit Date Account and explanation $ $ 1/7/14 Equipment 204000 GST paid 20400 Cash V 18700 30/6/15 18700 Accumulated amortisation franchise 18700 30/6/1 18700 18700 1/7/1 uation) 30/6/1 Accumulated amortisation patents drumulated depreciation computer Accumulated depreciation-equipment Accumulated depreciation-machinery Accumulated depreciation-truck Accumulated impairment loss Amortisation expense Cash Computer Delivery truck Depreciation expense Equipment Franchise GST collected GST paid Impairment loss nen Loss on disposal Loss on scrapping Machinery Patents 22700 22700 1/1/1 11350 11350 1/1/1 uation) Research and development expense Revaluation expense Revaluation surplus to record revaluation) Click If you would like to show Work for this question: Open Show Work On 1 July 2014, Capers Ltd purchased equipment with cash for a total cost of $224,400 Including 10% GST. The estimated useful life of the equipment was 10 years, with an estimated residual value of $17,000. The entity's reporting period ends on 30 June, and it uses straight-line depreciation. On 1 July 2016, the entity revalued the equipment upwards by $15,000 to reflect the fair value. The revised useful life was 8 years and residual value was estimated at $8,000. On 1 January 2018, Capers Ltd revalued the equipment downwards by $18,300 to reflect the fair value. (a) Prepare the journal entries in relation to the equipment from the date of acquisition. (Enter debit entries first followed by credit entries. Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) Capers Ltd General Journal Debit Credit Date Account and explanation $ $ 1/7/14 Equipment 204000 GST pald 20400 Cash 18700 30/6/15 Depreciation expense 18700 Equipment 18700 30/5/16 Depreciation expense 18700 Equipment 18700 1/7/16 Equipment Revaluation surplus (To record equipment at carrying value before revaluation) (To record revaluation) 30/6/17 Depreciation expense 22700 Equipment 22700 1/1/18 Depreciation expense 11350 11350 Equipment (To record depreciation expense) 1/1/18 Revaluation surplus (To record equipment at carrying value before revaluation) Equipment (To record revaluation) Click if you would like to show Work for this question: Open Show Work On 1 July 2014, Capers Ltd purchased equipment with cash for a total cost of $224,400 Including 10% GST. The estimated useful life of the equipment was 10 years, with an estimated residual value of $17,000. The entity's reporting period ends on 30 June, and it uses straight-line depreciation. On 1 July 2016, the entity revalued the equipment upwards by $15,000 to reflect the fair value. The revised useful life was 8 years and residual value was estimated at $8,000. On 1 January 2018, Capers Ltd revalued the equipment downwards by $18,300 to reflect the fair value. (a) Prepare the journal entries in relation to the equipment from the date of acquisition. (Enter debit entries first followed by credit entries. Credit account tities are automatically indented when the amount is entered. Do not indent manually.) Capers Ltd General Journal Debit Credit Date Account and explanation $ $ 1/7/14 Equipment 204000 GST paid 20400 Cash V 18700 30/6/15 18700 Accumulated amortisation franchise 18700 30/6/1 18700 18700 1/7/1 uation) 30/6/1 Accumulated amortisation patents drumulated depreciation computer Accumulated depreciation-equipment Accumulated depreciation-machinery Accumulated depreciation-truck Accumulated impairment loss Amortisation expense Cash Computer Delivery truck Depreciation expense Equipment Franchise GST collected GST paid Impairment loss nen Loss on disposal Loss on scrapping Machinery Patents 22700 22700 1/1/1 11350 11350 1/1/1 uation) Research and development expense Revaluation expense Revaluation surplus to record revaluation) Click If you would like to show Work for this question: Open Show Work
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