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Selected transactions of Coromandel Ltd are given below. The company uses straight-line depreciation and calculates depreciation expense to the nearest whole month.
2018
Jan. 4 Purchased from Brampton Ltd a bottle washer (Serial No. 17538X) for $40,000 cash (net of GST). The useful life of the machine is 5 years and its residual value is expected to be $7,000.
April 10 Purchased from Granada Ltd a dryer (Serial No. PY43121) for $36,000 cash (net of GST). The machine has a useful life of 6 years and a residual value of $8,000.
Problem A] Prepare journal entries to record the purchase of the assets and to record depreciation expense on 30 June 2018 and 2019, the end of the company's reporting periods.
Problem B] Open a machinery account and an accumulated depreciation - machinery account and prepare subsidary property and plant records for the two assets. Post the entries to the general ledger accounts and to the subsidary property and plant records.
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