= 250000(5year-property) Communications Equipment 9/1/2022, total installed price=2800000(7year-property) a.what is the maximum allowed cost recovery for 2022 for the communications equipment only?
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- 4. Prepare journal entry on January 1, 2027 to record the return of the machinery to the lessor. Assume thefair value of the asset is P300,0009. Create a PivotTable and complete the following fixed asset schedule. Future Electronics will include the schedule in the notes to its financial statements for fiscal 2020. (Express every number as a postive number.) Cost At January 1, 2020 Additions Disposal At December 31, 2020 Accumulated Depreciation At January 1, 2020 Depreciation expense Disposal At December 31, 2020 Carrying Amount At January 1, 2020 At December 31, 2020 Buildings 15,316,200 5,888,910 0 21,205,110 465,268 0 465,268 14,850,932 Equipment 4,457,785 1,601,510 0 6,059,295 798,879 0 798,879 3,658,906 Furniture 18,967,224 14,369,270 0 33,336,494 3,421,627 0 3,421,627 15,545,597 Land 9,872,050 2,361,350 0 12,233,400 0 0 0 9,872,050 Land Improvements 7,820,640 2,041,930 0 9,862,570 1,049,947 0 1,049,947 6,770,693 Total 56,433,899 26,262,970 0 82,696,869 5,735,721 0 0 5,735,721 50,698,178 09. Create a PivotTable and complete the following fixed asset schedule. Future Electronics will include the schedule in the notes to its financial statements for fiscal 2020. (Express every number as a pistive number.) a pristiv Buildings Equipment Furniture Land Land Improvements Total ces Cost At January 1, 2020 15,316,200 4,457,785 18,967,224 9,872,050 Additions 5,888,910 1,601,510 14,369,270 2,361,350 7,820,640 2,041,930 56,433,899 26,262,970 Disposal 0 0 0 0 0 0 At December 31, 2020 21,205,110 6,059,295 33,336,494 12,233,400 9,862,570 82,696,869 Accumulated Depreciation At January 1, 2020 465,268 798,879 3,421,627 Depreciation expense Disposal 0 At December 31, 2020 465,268 798,879 Carrying Amount At January 1, 2020 14,850,932 3,658,906 15,545,597 9,872,050 5,735,721 0 0 0 0 0 0 3,421,627 0 1,049,947 5,735,721 6,770,693 50,698,178 2,961,132 0 1,049,947 At December 31, 2020
- A computer is sold on 1 June 2022. The details are as follows: (i) Cost $11,000 (being $10,000 plus $1000 GST) (ii) Accumulated Depreciation 1/7/2021 $4,000 (iii) Depreciation Method - Prime cost, 24% (iv) Consideration/sale proceeds of $3,000 (GST excl) which has been posted already from client to the computer asset account and has to be re-allocated). Prepared the required entries to correctly accouny for the disposal including depreciation up to the time of sale.14.A machine costing P3,750,000 with an eight-year estimated useful life and an estimated residual value of P150,000 was acquired on January 1, 2019.On December 31, 2021, the balance of accumulated depreciation on this asset, using the sum-of-the-years’ digits method, would be?9. Create a PivotTable and complete the following fixed asset schedule. Future Electronics will include the schedule in the notes to its financial statements for fiscal 2020. (Express every number as a postive number.) Buildings Equipment Furniture Land Land Improvements Total Cost At January 1, 2020 15,316,200 4,457,785 18,967,224 9,872,050 7,820,640 Additions 5,888,910 1,601,510 14,369,270 2,361,350 2,041,930 56,433,899 26,262,970 Disposal 0 0 0 0 0 0 At December 31, 2020 21,205,110 6,059,295 33,336,494 12,233,400 9,862,570 82,696,869 Accumulated Depreciation At January 1, 2020 465,268 Depreciation expense 798,879 1,326,217 3,421,627 0 1,049,947 5,735,721 0 492,778 1,818,995 Disposal 0 0 0 0 0 0 At December 31, 2020 465,268 2,125,096 3,421,627 0 1,542,725 7,554,716 Carrying Amount At January 1, 2020 14,850.932 3,658,906 15,545,597 9,872,050 6,770,693 50,698,178 At December 31, 2020 12.233,400 8,319,845 20,553,245
- The Nickle Company purchased an asset for P17,000 on January 2, 2021. The asset has an expected residual value P1,000. The depreciation expense for 2021 and 2022 is shown next for three alternative depreciation methods: Year Method A Method B Method C 2021 P4,000 P6,400 P6,375 2022 4,000 4,800 3,984 Required Which depreciation method is the company using in each example? Compute the depreciation expense for 2023 and 2024 under each methodI need help please James Inc. purchased the following assets in February 2022 for a total price of $2,900,000. Below are the assets with their corresponding fair market value: Asset Description Fair Market Value Equipment $650,000 Office Furniture 1,190,000 Computer Equipment 960,000 Required: Calculate the depreciation in 2022 for the office furniture assuming they elect to use section 179 on the office furniture.On January 1, 2024, Ghosh Industries leased a high-performance conveyer to Karrier Company for a four-year period ending December 31, 2027, at which time possession of the leased asset will revert back to Ghosh. • The equipment cost Ghosh $956,600 and has an expected useful life of five years. • Ghosh expects the residual value at December 31, 2027, will be $300,600. • Negotiations led to the lessee guaranteeing a $340,600 residual value. Equal payments under the finance/sales-type lease are $200,600 and are due on December 31 of each year with the first payment being made on December 31, 2024. • Karrier is aware that Ghosh used a 5% interest rate when calculating lease payments. Note: Use Excel, or a financial calculator. Required: 1. Prepare the appropriate entries for both Karrier and Ghosh on January 1, 2024, to record the lease. 2. Prepare all appropriate entries for both Karrier and Ghosh on December 31, 2024, related to the lease. Complete this question by entering your answers…
- The following information are made available by Wind Farms of its biological assets at December 31, 2022: Price of the assets in an active market, P5,100,000 Estimated dealer's commission, P30,000 Estimated finance cost and income tax, P20,000 Transport and other costs expected to be incurred to bring the assets to the market, P60,000 At what amount should the biological assets be recognized on December 31, 2022?Nn.57. Subject :- Account Company purchased a machine for $9,800 on January 1, 2019. The machine has been depreciated using the straight-line method assuming it has a five-year life with a $1,400 residual value. Taylor sold the machine on January 1, 2021, for $7,600. What is the book value of the machine on December 31, 2020? A.$ 2 comma 100 $2,100 B.$ 6 comma 440 $6,440 C.$ 8 comma 400 $8,400 D.$ 9 comma 800 $9,800Question1: ABC Ltd purchased a machine at a cost of $300,000 on 1 July 2020. It had a useful life of 10 years and after that residual value was estimated to be $60,000. The benefits from machine are expected to be spread evenly over its life. On 30 June 2022, fair value of machine was $230,000 and the salvage value and useful remaining life were the same as estimated at the time of its purchase. On 30 June 2022, the machine was sold for $130,000. What journal entries will be recorded right from beginning until the sale of machine as per AASB 116 in the following cases: a) If the revaluation was recorded. b) If the revaluation was not recorded. c) What will be the value of Impairment on 30 June 2022 if it was decided not to sell the machine.
