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On 1 October 20X5 BROWN acquired a machine under the following terms.
Hours
$
Manufacturer's base price
1,050,000
Trade discount (applying to base price only)
20%
Early settlement discount taken (on the payable amount of the base cost
5%
only)
Freight charges
30,000
Electrical installation cost
28,000
Staff training in use of machine
40,000
Pre-production testing
22,000
Purchase of a three-year maintenance contract
60,000
Estimated residual value
20,000
Estimated life in machine hours
6,000
Hours used - year ended 30 September 20X6
1,200
- year ended 30
September 20X7
1,800
September 20X8 (see below)
850
On 1 October 20X7 Brown decided to upgrade the machine by adding new components at a cost of $200,000. This upgrade led to a reduction in the production time per unit of the goods being manufactured using the machine. The upgrade also increased the estimated remaining life of the machine at 1 October 20X7 to 4,500 machine hours and its estimated residual value was revised to $40,000.
Required
Prepare extracts from the statement of profit or loss and statement of financial position for the above machine for each of the three years to 30 September 20X8.
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