Reference no: EM132917849
Colin Clark Pty Ltd has an accounting financial year which ends on 31 December. The company purchased an equipment on 30 June 2019 for $ 216,000 cash which is expected to produce 15,000 cups during its useful life of three years. The company has a schedule of producing 6,000, 4,000, and 5000 cups each year since its acquisition. The residual value of the equipment is expected to be $ 27,000 after the useful life.
Required:
Problem (A) Prepare the journal entry to record the purchase of equipment on 30 June 2019.
Problem (B) Assuming straight-line method, calculate the depreciation rate and depreciation expenses for the financial year 2019 and 2020, respectively.
Problem (C) Assuming diminishing-balance method, calculate the depreciation rate and depreciation expenses for the financial year 2019 and 2020, respectively.
Problem (D) Assuming units of production method, calculate the depreciation expenses for the financial year 2019 and 2020, respectively.
Problem (E) Assuming diminishing-balance method, prepare the adjusting journal entry to record depreciation expense for the financial year 2019.
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