Performance Task 2 Hint This task follows on from Performance Task 1. (Assessment objectives ...) If you need help with this task, please access the FNSACC421 Tutor Assist_Performance Task 2.pdf. The document breaks down the steps to complete the task, as well as provides an example. Scenario Modifications are required to the Depreciation Expense that you prepared in Performance Task 1. There is an additional asset, the BBQ Grill Assembler. Access the Assets Register you completed in Project A Part 2 for details relating to this asset. A BBQ Grill Assembler was purchased on 1 December in year 1 for $100,510. It has an effective life of 10 years. = The BBQ stamping machine was sold on 30 June (at the end of Year 1) for $135,000. Instructions Part A: Depreciation schedule You are required to: = Calculate the depreciation for the 3 assets for Year 1, using the straight-line method (prime cost). Calculate the accumulated depreciation for the BBQ Stamping Machine at the time of disposal. Calculate the gain/loss on disposal of the BBQ Stamping Machine. Hint If the asset was held for only one year, the accumulated depreciation amount will be the same as the depreciation amount for that asset for that year. Download the Depreciation Schedule Template and save it to your device, using the naming convention: FNSACC421 Depreciation Schedule_Your Name; for example, FNSACC421 Depreciation Schedule_Mike Landy. Use the template to prepare your financial reports. Show your workings. Part B: Asset disposal journal Refer to the information from the Depreciation Schedule to prepare a journal entry as at 30 June, accounting for the disposal of the BBQ Stamping Machine. Hint The closing balance of the asset that was sold should have a closing balance of zero in the asset register. If the asset was held for only one year, the accumulated depreciation amount will be the same as the depreciation amount for that asset for that year. Asset Disposal Journal Date 'erformance Tasks 30 JUNE 20XX 30 JUNE 20XX 30 JUNE 20XX Total Evidence required Account name Accumulated depreciation Cash Loss on disposal ) Description BBQ Stamping Machine BBQ Stamping Machine 522,000 $135,000 585,000 $220,000 = Uploaded Depreciation Schedule, including the workings for your calculations = Completed Asset Disposal Journal Answered 3 days ago by J England Credit v ) 4 | el P P $220,000 i A PN 1 , Previous trainer comments @) Depreciation Schedule Year |Description of asset Asset ID Purchase Purchase Disposal date |Depreciation Disposal Accumulated Closing date price amount amount depreciation balance 1 BBQ STAMPING MACHINE PRO01 1 JULY $220,000 30/0/20XX $22,000 $135,000 $22,000 $198,000 20XX 1 BBQ steam welder PRO02 1 JULY $25,000 $2,500 $2,500 20XX 1 BBQ grill assembler PRO03 1 $100,510 $10,051 $10,051 $90,459 DECEMBER 20XX Workings Depreciation expense for grill assembler: $100,510/10=$10,051 $100,510-$10,051=$90,459 BBQ Stamping Machine gain/loss on disposal: Purchase price- accumulated depreciation $220,000 - $22,000 = $198,000 Disposal = $135,000 Loss on disposal = $63,000 Consideration: Net book value: $22,000 - $220,000 = -$198,000