User Account

All Pages

Find and show the journal entries necessary to account

Assignment Help Accounting Basics
Reference no: EM132675160

TAKULAH Traders Ltd purchased a machine for $650 000 and there was an accumulated depreciation balance of $110 000 at 30 June 2022. Its fair value is assessed at this time, with its first revaluation as $450 000. The machine's useful life is expected to be 5 more years and the residual value to be $50 000. On 1 July 2023 the asset's fair value is $460 000 and the residual value and useful life are expected to be unchanged (that is, there is 4 years of remaining life).

Required:

Problem 1: Provide the journal entries necessary to account for all the transactions and events up to 1 July 2023, in accordance with AASB 116 if the revaluation is undertaken.

Reference no: EM132675160

Questions Cloud

Determine non-current portion of the note payable as of dec : Included in DAO Corporation's liability account balances at December 31, 20x6, Determine the non-current portion of the note payable as of December 31, 20x7.
Determine the fair value of the leased asset - rounded off : Unguaranteed residual value $40,000. Lease payments inception (at the start) $60,000. Determine the Fair Value (rounded off) of the leased asset.
What challenges may face for twiga foods : If Twiga Foods wants to use the same Blockchain technology for bigger loans (for example $1M loan), what challenges they may face?
How states and empires have been built since time began : You can't count on people voting. Half the time they don't vote anyway. That's how states and empires have been built since time began.
Find and show the journal entries necessary to account : Find and Show the journal entries necessary to account for all the transactions and events up to 1 July 2023, in accordance with AASB 116
Which materials and overhead are detailed : Which of the step in which materials, labor, and overhead are detailed? allocating the costs to the units transferred out and the units partially completed
Discuss one thing democrat and one thing republican : Discuss one thing a Democrat and one thing a Republican would find attractive about the third party you choose:
How much was recorded to purchase discounts lost on january : Llamas Co. sold goods with an invoice price of P5,400,000 on January 1, 2020. How much was recorded to Purchase Discounts Lost on January 31, 2020?
What is the gain on remeasurement of the existing investment : Entity A acquired 30,000 out of 100,000 outstanding, What is the gain on remeasurement of the existing Investment in Entity B as a result of step acquisition

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate wacc of the company with assumptions

Calculate WACC of the company with assumptions underlying your calculation. Debt $100,000,000,6.25% coupon bonds outstanding with 20 year to maturity redeemable

  Draw a graph of the total monthly cost of the three plans

Draw a graph of the total monthly cost of the three plans for different levels of texting

  Find the balances of deferred tax liability and asset

At 30 June 2019, Beta Ltd had the following deferred tax balances: Find the balances of the deferred tax liability and deferred tax asset at 30 June 2020

  Fixed manufacturing costs were 75000 pontiac transfers

pontiac companys division y had the following historical accounting data per unit based on 6000 units per period direct

  Discuss main objective of the sarbanes-oxley act

Which one is not a main objective of the Sarbanes-Oxley Act? Which one is not correct practice under GAAP

  Compute the amount suffolk should report as a deferred tax

The effective tax rate is 40%. Compute the amount Suffolk should report as a deferred tax asset at December 31, 2012

  Economics question on rate of return

Swagelok Enterprises is manufacturer of miniature fittings and valves. Over a 5-year period, the costs associated with one product line were given below:

  Internal control and transfer pricing

What is responsibility accounting? Is it used at your current (or former) place of employment, and if not, would it work? Why or why not?

  Recording capital asset transactions

Recording Capital Asset Transactions

  Describe the discounted-cash flow technique

Describe the discounted-cash flow technique or techniques you would recommend in a capital-rationing situation and explain your reasons for your recommendation.

  Heathrow issues 2000000 of 6 15 year bonds dated january 1

heathrow issues 2000000 of 6 15 year bonds dated january 1 2011 that pay interest semiannually on june 30 and december

  Prepare a sales budget for the third quarter of the year

Keep-it-Hot Inc. manufactures popular thermoses. On June 30, the company had 1,000 thermoses in inventory. Prepare a production budget for the third quarter

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd