Question 4: The following details regarding Machines are provided: Machine Date of purchase Cost Date of sale Cash Proceeds $ $ 05/04/2017 1,000,000 02/06/2020 450,000 01/01/2019 2,000,000 X Y The policy of the company is to depreciate its PP&E at 10% on cost. Depreciation is charged in full in the year of purcha disposal. 4 Required: For year ended 31st December 2020 prepare: Machinery account Accumulated depreciation account o Machinery disposal a/c SPOL Extract SFP Extract Question 5: A machine was purchased on 2nd July 2016 for $1,200,000. It was traded in for new one whose price was $1,000,000 on 2nd Ju exchange. The policy of the company is to charge depreciation for its PP&E ct 10% on cost per annum. Depreciation is chargec depreciation is charged in the year of disposal.

Question 4: The following details regarding Machines are provided: Machine Date of purchase Cost Date of sale Cash Proceeds $ $ 05/04/2017 1,000,000 02/06/2020 450,000 01/01/2019 2,000,000 X Y The policy of the company is to depreciate its PP&E at 10% on cost. Depreciation is charged in full in the year of purcha disposal. 4 Required: For year ended 31st December 2020 prepare: Machinery account Accumulated depreciation account o Machinery disposal a/c SPOL Extract SFP Extract Question 5: A machine was purchased on 2nd July 2016 for $1,200,000. It was traded in for new one whose price was $1,000,000 on 2nd Ju exchange. The policy of the company is to charge depreciation for its PP&E ct 10% on cost per annum. Depreciation is chargec depreciation is charged in the year of disposal.

Name: COLLEGEQuestion 4:The following details regarding Machines are provid
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Description: COLLEGEQuestion 4:The following details regarding Machines are provided:Machine Date of purchase Cost Date of sale Cash Proceeds$1,000,000 02/06/2020 450,000XXY05/04/201701/01/2019 2,000,000The policy of the company is to depreciate its PP&E at 10%

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter10: Long-lived Tangible And Intangible Assets

Section: Chapter Questions

Problem 29P

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