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Non- Current Assets - Extension Question 1 Fantastic Tiling Corporation is a tiling manufacturer. The company's purchasing manager acquires a truck for the advertised price of $60,000. She also had to pay $2,500 for dealer related transportation charges, $1,700 for vehicle related state stamp duty costs, $1,000 for registration costs and $750 for non-compulsory insurance. Fantastic Tiling expects to use the truck for 4 years, and estimates that it will have a salvage value of $3,000 at the end of its 4 year use. Cash was used to pay all the above costs. The accounting department determines that the Reducing Balance method is the best method to use for depreciating the truck, and the company uses the simplified method as per the ATO = 2.0 * straight line estimate to do so (NOT the formula based method). The company is also replacing the machine used for glazing. The old machine was originally recorded at a cost of $110,000 and depreciated over 10 years straight line with no salvage value. The statement of financial position shows a book value net of accumulated depreciation at the beginning of the financial year of $44,000. The cost of the new machine is $150,000 and Jon negotiated to trade in the old machine for $40,000 and pays cash for the balance. 1. Please journalise all the transactions related to the purchase of the truck. 2. Use the reducing balance depreciation method to calculate the depreciation expense, accumulated depreciation and carrying amount of the truck for each of the four years of the truck's life. 3. Assume the glazing machine is sold on January 1 (half way into the financial year). Journalise all entries relating to the disposal of the old glazing machine. 4. The company also decides to revalue the land of the factory to $2,000,000. This is the first time the company is re-valuing the land, which had an original cost of $1,500,000. Journalise the entry require to revalue the land. INTERNAL USE Page 1