Reference no: EM132948263
Question - The following are extracted from the trial balance as at 30 September 2015:
Land and building, at cost 770,000
Computers, at cost 450,000
Delivery vehicles, at cost 200,000
Accumulated depreciation, 1 October 2014 - Land and building 36,000
- Computers 162,000
- Delivery vehicles 100,000
(1) There were no additions or disposals of non-current assets during the financial year.
Land and building includes land that cost $470,000. Half of the building is used to house administrative staff while the remaining is for retail. The company depreciates its non-current assets as follows:
Buildings Over 20 years on a straight-line basis
Computers 20% reducing balance
Delivery vehicles 25% straight-line basis
(2) One of the company's delivery vehicles was involved in a traffic accident in September 2015. After the accident, the directors had considered selling it to a second-hand motor car dealer for $15,000. They eventually decided to keep the vehicle as the value in use was estimated at $21,000. The vehicle was bought in October 2013 at a cost of $50,000.
Required - Prepare the disclosure note for Property, plant and equipment.
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