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in detail please bid 128 At 30 September 20X2, the following balances existed in the records of Lambda Co: Plant and equipment: Cost $860,000 Accumulated
in detail please
bid 128 At 30 September 20X2, the following balances existed in the records of Lambda Co: Plant and equipment: Cost $860,000 Accumulated depreciation $397,000 During the year ended 30 September 20X3, plant with a written down value of $37,000 was sold for $49,000. The plant had originally cost $80,000. Plant purchased during the year cost $180,000. It is Lambda Co's policy to charge a full year's depreciation in the year of acquisition of an asset and none in the year of sale, using a rate of 10% on the straight line basis. What was the carrying amount that should appear in Lambda Co's statement of financial position at 30 September 20X3 for plant and equipment Step by Step Solution
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