Question
On 30 June 2020, Lala Limited had an item of plant with an original cost of $120,000 and accumulated depreciation of $36,000. At this date,
On 30 June 2020, Lala Limited had an item of plant with an original cost of $120,000 and accumulated depreciation of $36,000. At this date, the fair value of the plant was $90,000. What is the carrying amount of the plant on 30 June 2021? Lala Limited depreciates all items of PPE at 20% per annum straight-line method.
a. $60,000
b. $66,000
c. $64,286
d. $58,286
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Petroleum Accounting: Principles, Procedures; And Issues
Authors: Dennis Jennings, John Brady, Rich Shappard, Craig Friou
8th Edition
0940966328, 978-0940966321
