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Answer each of the following five parts assuming a balance date of 30 June 2016. Journal narrations are not required.
Question 1: Miles Ltd purchased machinery for $380,000 on 1 March 2016. It is estimated that the machinery will have a working life of 10 years but the company believes it will only use the machinery for 6 years and then sell it for an estimated $20,000. The company uses the straight line method of depreciation for the machinery.
The company purchased a computer on 1 July 2014 for $10,000. The company believes it will use the computer for ten years and can sell it at the end of that period for $500. The company uses the reducing balance method of depreciation and a depreciation rate of 26% p.a.
Prepare the necessary general journal entries to record the depreciation of the two assets for the financial year ending 30 June 2016.
Question 2: Ellis Ltd paid $4,200 for 6 months advertising on 1 January 2016. The transaction was initially recorded as an asset.
Prepare any adjusting entry, if required, for the financial year ending 30 June 2016. Justify your answer
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