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Your company also acquired a machine with four year of useful economic life on January 1 2018 and the costs associated with it were as follows.
Cost (000)
Price Birr 1,200
Non - refundable Customs duty Tax 60
Other cost 140
Total Birr 1,400
Requirement
Question 1. Record the journal entry at acquisition.
Question 2. Determine the carrying amount to be reported as PPE at the end of the year. (Assume deprecation rate: Straight line method with no salvage value)
Question 3. Assume also that at the end of 2019 there is an impairment loss of 100,000 birr on the asset, so who much will be reported as carrying amount as PPE after impairment.
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