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Please answer the questions 8.4, 8.5 and 8.6 with your detailed explanations, please IFRS Accounting Standards (International), it's much appreciated! 4 B acquired a lorry
Please answer the questions 8.4, 8.5 and 8.6 with your detailed explanations, please IFRS Accounting Standards (International), it's much appreciated!
4 B acquired a lorry on 1 May 20X0 at a cost of $30,000. The lorry has an estimated useful life of four years, and an estimated resale value at the end of that time of $6,000. B charges depreciation on the straight line basis, with a proportionate charge in the period of acquisition. What will the depreciation charge for the lorry be in B's accounting period to 30 September 20X0? $3,000 $2,500 $2,000 $5,000 (2 marks) 8.5 At 31 December 203Q, a limited liability company, owned a building that had cost $800,000 ten years ago. It was being depreciated at 2% per year. On 31 December 20X3 a revaluation to $1,000,000 was recognised. At this date the building had a remaining useful life of 40 years. What is the balance on the revaluation surplus at 31 December 203 and the depreciation charge in the statement of profit or loss for the year ended 31 December 204? Which of the following best explains what is meant by 'asset expenditure'? Expenditure on non-current assets, including repairs and maintenance Expenditure on expensive assets Expenditure relating to the issue of share capital Expenditure relating to the acquisition or improvement of non-current assetsStep by Step Solution
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