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Calculate the resultant gain or loss on transfer of machine

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Reference no: EM132635942

Nature Pty Ltd's machinery control accounts shows carrying amount for the following machine as at 1 July 2019:

Machine A (cost $250,000) $200,000

Machine B (cost $340,000) $320,000

  • Machine A was acquired on 1 July 2017 with estimated useful life of 10 years and no residual value. Machine B was acquired on 1 January 2019 with estimated useful life of 8 years and residual value of $20,000. All machinery is depreciated on a straight-line basis.

Required:

Question 1: Calculate the depreciation charge for Machine A and B for the year ending 30 June 2020. Show all workings.

Question 2: On 1 July 2020, Nature Pty Ltd traded in Machine B and paid cash $40,000 to exchange for Machine C, which costs $300,000. Calculate the resultant gain or loss on the transfer of Machine B. Show all workings.

Reference no: EM132635942

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