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PSB8.3 Journalise entries for disposals of PPE assets. Presented here are selected transactions for Lucky Ltd for 2023. Jan. 1 Jun. 30 Dec. 31
PSB8.3 Journalise entries for disposals of PPE assets. Presented here are selected transactions for Lucky Ltd for 2023. Jan. 1 Jun. 30 Dec. 31 Scrapped a piece of machinery that was purchased on 1 January 2013. The machine cost $98 000 and had a useful life of 10 years with no residual value. Sold office equipment that was purchased on 1 January 2020. The equipment cost $89 000 and had a useful life of 5 years with no residual value. The office equipment was sold for $29000. Discarded a delivery truck that was purchased on 1 January 2019. The truck cost $50 500 and was depreciated based on an 8-year useful life with a $5500 residual value. LO8 Required Journalise all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Lucky Ltd uses straight-line depreciation. The financial year-end is 31 December.
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