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AnTech has a year end of 31 March and acquired Equipment A and Equipment B on 1 Apr 2010. The estimated useful life at acquisition is 8 years for Equipment A and 6 years for Equipment B. Both items are depreciated on a straight-line basis with no estimated residual value.
Carrying amount at 31 Mar 2012 ;$)
Fair Value M.1 Apr 2012 ($)
Estimated Total Useful life
Cost
Accumulated depreciation
Fair Value
Equipmen: A
8 years
240,000
(60,000)
150,000
Equipmem B
6 years
120,000
(40,000)
112,000
Required:
Question 1: Ignore tax. Narratives explaining the journal entries are not required. You may calculate all amounts to the nearest dollar.
Problem (1) write down journal entries all relevant to Equipment A and Equipment B, separately, as required under all relevant IFRS from 1 Apr 2012 to 31 March 2014. Year-end journal entries to close income and expense items to balance sheet equity are not required.
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