please answer only c,d 9.5 Irish Catering Ltd. started in business on 1 January 2010, its financial year ending 31 December. Thecompany purchased its industrial equipment as follows:Year Date of Purchase Amount ($)201050,000.0020-Oct 90,000.001-Jan201115-Feb 80,000.0020-Nov 60,000.00201220-Mar 120,000.00During 2012, the company sold assets purchased on 1 January 2010 (original cost $30,000) for $20,000.Depreciation is at the rate of 10% per annum using the straight-line method, depreciating based onassets in existence at the end of the year.You are required to show the following for 2010, 2011 and 2012a) The plant and equipment accountb) The accumulated depreciation accountc) The disposal of plant and equipment account for 2012d) Extracts from the income statement and the statement of financial position

Depreciation is the reduction in the value of assets due to normal wear and tear, passage of time,…

9.5 Irish Catering Ltd. started in business on 1 January 2010, its financial year ending 31 December. The company purchased its industrial equipment as follows: Year Date of Purchase Amount ($) 1-Jan 50,000.00 2010 20-Oct 90,000.00 2011 15-Feb 80,000.00 20-Nov 60,000.00 2012 20-Mar 120,000.00 During 2012, the company sold assets purchased on 1 January 2010 (original cost $30,000) for $20,000. is at the rate of 10% per annum using the straieht.line method depreciating hased on

9.5 Irish Catering Ltd. started in business on 1 January 2010, its financial year ending 31 December. The company purchased its industrial equipment as follows: Year Date of Purchase Amount ($) 1-Jan 50,000.00 2010 20-Oct 90,000.00 2011 15-Feb 80,000.00 20-Nov 60,000.00 2012 20-Mar 120,000.00 During 2012, the company sold assets purchased on 1 January 2010 (original cost $30,000) for $20,000. is at the rate of 10% per annum using the straieht.line method depreciating hased on

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 8P

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