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Jive Co. is a manufacturing company, and the accountant has received an order to retire a machine, the machine was purchased on 1/6/2017 for 850,000
Jive Co. is a manufacturing company, and the accountant has received an order to retire a machine, the machine was purchased on 1/6/2017 for 850,000 J.D, and upon the purchase of the machine it was estimated that the machine would have a residual value at the end of its useful life of 60,000 J.D and that the machine would produce 10,000,000 units during its life, in 2017 the machine produced 1,000,000 units, in 2018 the machine produced 4,000,000 units and in 2019 the machine produced 4.400,000 units, the order to dispose of the machine came at the beginning of 2020, find 1. The Depreciation rate per unit of product (1 point) 2.the Book value at the beginning of 2020 (2 point) 3.the entry needed upon retirement of the machine (2 points) (5 Points) Enter your Aladdin Co. has a petty cash fund of 500 J.D, at the end of the month the accountant wishes to replenish the fund, after examining the fund the accountant realizes that the amount of cash remaining in the fund is 75 J.D and he also examines the following receipts postage expenses 200 J.D. fright-out expenses 250 J.D, prepare the needed entry (show your work as each step is graded) (2 points) (2 Points) Enter your arr 5. On March 1, 2016. Jumbo Company purchased a land for $300,000. On 31/12/2018, the company gathered the following data with regards to impairment test: expected selling price is $270,000 (the same as fair value); expected cost to sell is $4,000 Cash flows (undiscounted) expected from the use of land is $290,000, present value of future cash flows expected to arise from the use of land $278,000 Calculate the amount of difference in impairment loss between IAS and U.S. Gaap in year 2018 B (2 Points) IFRS undiscounted 240,000 P.V-278,000 selling price 270,000 impairment is 22.000 USGAAP
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