Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Pls answer the questions with your detailed explanations, it's much appreciated! On 1 October 20X1,X Co purchased a property for $400,000. The property had a
Pls answer the questions with your detailed explanations, it's much appreciated!
On 1 October 20X1,X Co purchased a property for $400,000. The property had a useful life of 40 years and was depreciated on a straight line basis. On 1 October 20X5, the property was revalued to $432,000. The remaining useful life at that date was 36 years. The company wishes to make the allowed transfer of excess depreciation between the revaluation surplus and retained earnings accounts. Which of the following correctly records the transfer at 30 September 20X6? 8.1 A car was purchased by a newsagent business in May 20X0 for: Cost 10,00010,150150 The business adopts a date of 31 December as its year end. The car was traded in for a replacement vehicle in August 203 at an agreed value of $5,000. It has been depreciated at 25% per year on the reducing balance method, charging a full year's depreciation in the year of purchase and none in the year of sale. What was the profit or loss on disposal of the vehicle during the year ended December 203? profit (2 marks) The carrying amount of a Billing's non-current assets was $200,000 at 1 August 20X0. During the year ended 31 July 20X1, the company sold non-current assets for $25,000 on which it made a loss of $5,000. The depreciation charge for the year was $20,000. What was the carrying amount of non-current assets at 31 July 20X1Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started