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WITH EXPLANATION PLEASE QUESTION #5 Mark atten Wayne Gretzky Pty Ltd has the following transactions planned for the year 2021. Wayne wants you to account
WITH EXPLANATION PLEASE
QUESTION #5 Mark atten Wayne Gretzky Pty Ltd has the following transactions planned for the year 2021. Wayne wants you to account for each of the transactions below as if they occurred on the first day of the year. Cash purchase of inventory for $1 000. Cash purchase of stationery for $6 000. Purchase of motor vehicles with 36 month bank loan for $260 000. Purchase of office equipment with 24 month bank loan for $16 000. Credit purchase of supplies for $5 000. Wages earned by employees. Not yet paid. $7 000. Purchase of buildings with 36 month bank loan for $530 000. The purchasing department indicates that all non-current assets will be replaced after 8 years of ownership All non-current assets are expected to have residual values of 40% of the purchase amount. 1. 2. 3. 4. 5. 6. 7. 8. 9. REQUIRED: Straight-line depreciation expense for motor vehicles for the year 2021. Accumulated depreciation - motor vehicles at the end of year 2022. Written down value (carrying value) - motor vehicles at the end of year 2023. Straight-line depreciation expense for office equipment for the year 2021. Accumulated depreciation - office equipment at the end of year 2022. Written down value (carrying value) - office equipment at the end of year 2023. Straight-line depreciation expense for buildings for the year 2021. Accumulated depreciation - buildings at the end of year 2022. Written down value (carrying value) - buildings at the end of year 2023Step by Step Solution
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