Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Marshall Fabrics sold a machine on 30 April 2023. The machine originally cost $22,000 and was being depreciated using the diminishing balance method at 35%

Marshall Fabrics sold a machine on 30 April 2023. The machine originally cost $22,000 and was being depreciated using the diminishing balance method at 35% per annum. After depreciation was charged on 30 June 2022, the balance of accumulated depreciation on the machine was $13,200. Balance date is 30 June. How much additional depreciation was recorded for the machine on the date of sale? What was the carrying amount of the machine when it was sold? Calculate the gain or loss on sale assuming the machine was sold for $5,500 including GST

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_2

Step: 3

blur-text-image_3

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

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy

10th Canadian Edition Volume 2

1118300858, 978-1118300855

More Books

Students also viewed these Accounting questions

Question

Calculate the amount of assets for Company Y on December 31, 2013

Answered: 1 week ago