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Caspian Pty Ltd is a business that manufactures and sells water filters. The business was established in 2013 and has grown to a large proprietary company with four owners: Olivia, Elliot, Alexandra and John. The business operates from a large factory in Melbourne and is registered for Goods and Services Tax (GST) with financial year end on 30 June. When it commenced its operations on 5 February 2013, Caspian was not able to purchase a building to manufacture water filters in and instead rented a factory.
As the business has grown, the owners are considering purchasing the following assets for $440,000 (GST Inclusive) on 1 July 2021:
Asset Fair value of asset
Land $120,000
Building $330,000
Equipment $30,000
Total $480,000
Problem 1: Determine the amounts to be recorded in the balance sheet if Caspian were to acquire land, building and equipment on 1 July 2021. Consider any additional amounts that need to be included in the cost of the land, building and equipment and justify why or why not they should be included. Show your calculations in a table in the appendix (the appendix is not counted in the word count).
At the end of the year were $20,000. Depreciation expense for the year was $50,000. The company's cash from operations on its 2020 statement of cash flows was
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