Reference no: EM132703202
On 1 July 20X1, DPS Ltd acquired two Buildings within the same class of Property, Plant and Equipment. These were paid for in cash. Information on these assets is as follows:
- Building A cost $225,000 with an expected useful life of 10 years and a residual value of $75,000.
- Building B cost $350,000 with an expected useful life of 15 years and a residual value of $50,000.
The Buildings are expected to generate benefits evenly over their useful lives (ie straight line depreciation). The class of property, plant and equipment is measured at fair value using the revaluation model specified in AASB116 Property, Plant and Equipment.
At 30 June 20X2, information about the assets is as follows:
- Building A had a fair value of $204,000. Its useful life was reassessed to 12 years from this date with a residual value of $48,000.
- Building B had a fair value of $345,000. Its useful life was reassessed to 9 years from this date with a residual value of $57,000.
On 31st March 20X3, Building B was sold for $458,000 cash and not replaced.
At 30 June 20X3, Building A had a fair value of $220,000. Its useful life was reassessed to 10 years from this date with a residual value of $35,000.
Required
Problem 1: Prepare the general journal entries in the records of DPS Ltd to record all the described events over the period 1 July 20X1 to 30 June 20X3 (inclusive), assuming the reporting periods end on 30th June. Round numbers to the nearest dollar.
|
Find which was true on december of the tax year
: California Registered Domestic Partners (RDP), have the same legal benefits, protections, and responsibilities as ________ unless otherwise specified.
|
|
Which must be reviewed
: When determining whether or not a taxpayer owes California income tax, which must be reviewed? Gross income is more than the amount shown in the California
|
|
How much discount she could bargain from the supplier
: You immediately noticed that the figures relate to a learning curve, How much discount she could bargain from the supplier for the spare parts?
|
|
Describe two classic motivational theories
: Describe two classic motivational theories and how each is used in the management of organizational behavior.
|
|
Prepare general journal entries in the records of dps ltd
: Prepare the general journal entries in the records of DPS Ltd to record all the described events over the period 1 July 20X1 to 30 June 20X3
|
|
Comparison of current labor relations issues
: The Project will consist of a comparison of current labor relations issues within another country, compared with the chosen country and the U.S. Student
|
|
Essential characteristics of effective follower
: What are the essential characteristics (as you see them) of an effective follower?
|
|
Feasibility analysis is chance to open your eyes
: A feasibility analysis is a chance to open your eyes, ask yourself some very tough questions, then check to see whether your idea, as originally conceived,
|
|
Aanalyze pricing techniques for established products
: Aanalyze pricing techniques for established products and services. Next, select and explain the pricing strategy you would use for a business.
|