User Account

All Pages

Prepare journal entries to record the revaluation of plant

Assignment Help Financial Accounting
Reference no: EM132652403

On 1 January 2010, Nikao Ltd acquired plant for $100,000. The plant can be used for 500,000 hours after which it can be sold for $20,000.

  • By 31 December 2014 the plant had been used for 200,000 hours. It was revalued to $70,000. The residual value was revised to $30,000 with no change in the useful life of the plant. 
  • During 2015 Nikao Ltd used the plant for 120,000 hours. On 31 December 2015 the plant was revalued to $40,000. 
  • Nikao Ltd depreciates assets using the units of use method.

Required:

Question a. Prepare journal entries to record the revaluation of the plant on 31 December 2014.

Question b. Prepare journal entries to record the revaluation of the plant on 31 December 2015.

Reference no: EM132652403

Questions Cloud

Find the discounted payback period : Find the Discounted Payback period for the following project. The discount rate is 8%. Project X
What is the price of the bonds as a percentage of par : The required rate of return on the bonds is 5%. The call price of the bonds is 102, but they are not callable until after the second coupon payment.
MN7013 Marketing Strategy and Innovation Assignment : MN7013 Marketing Strategy and Innovation Assignment Help and Solution, University of Leicester - Assessment Writing Service
What is the weight on ball corp in portfolio : What return did your portfolio earn after one year? (Round to two decimals in percent) What is the weight on Ball Corp in your portfolio after one year?
Prepare journal entries to record the revaluation of plant : On 1 January 2010, Nikao Ltd acquired plant for $100,000. Prepare journal entries to record the revaluation of the plant on 31 December 2015.
Evaluate Denise investment proposal : Question - Case Study: Airbnb in Hobart - As a group, write business report, in which you evaluate Denise's investment proposal
Find expected return and standard deviation of a portfolio : Suppose there are only two stocks in the world: stock A and stock B. The expected returns of these two stocks are 10 percent and 20 percent
Calculate the carrying amount of the building at the date : Calculate the carrying amount of the building at the date of disposal. On 1 October 2010, Panama Ltd acquired a building for $200,000.
Compute the break-even point : Maxson Products distributes a single product, a woven basket whose selling price is $8 and whose variable cost is $6 per unit.

Reviews

Write a Review

Financial Accounting Questions & Answers

  1 analyze the facts you should remember when closing your

1 analyze the facts you should remember when closing your books in peachtree complete accounting to determine which is

  Prepare a partial income statement for hibou

Prepare A partial Income statement for Hibou for 2020. The statement should begin with income from continuing operations and appropriate disclosure footnote

  Calculate elizabeths taxable income for the 2017-18 tax year

FNS50217-Diploma of Accounting-Australia-Monarch Institute- Calculate the minimum net capital gain for the 2017/18 tax year.

  Explian any five market ratios with their importance

Explian any five market ratios with their importance that Marry Kom should look into before undertaking any investment decision

  Preparation of bank reconciliation statement from the given

preparation of bank reconciliation statement from the given information.the following information pertains to devries

  Provide a detailed table listing all long term assets

Provide a detailed table listing all long term assets, liabilities & contingencies found on the balance sheet for the four most recent years.

  Using the weighted-average method

Canler Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Using the weighted-average method, determine the equivalent units o..

  Construct new manufacturing facility

Suppose your company needs to raise $10 million to construct a a new manufacturing facility. You are the Treasurer and have recommended to the CFO that the company raise $10 million by selling 30-year, $1,000 par value bonds with a coupon rate of 6% ..

  Costs in beginning inventory

Assume that the equivalent units of production this month for Alabama Red's Hot Sauces are 8,350. If the costs in beginning inventory were $450.00 and current manufacturing costs were $5,311.50,

  Current liabilities include interest revenue received

Current liabilities include accrued expenses with a carrying amount of $1,000. The related expense will be deducted for tax purposes on a cash basis.

  What advice can you provide the owner of sweet treats

What advice can you provide the owner of Sweet Treats on how their business has performed for the month of November, with particular focus on the profitability of the business? Include relevant ratios in your analysis.

  What of the ways the company could finance the company

What of the ways the company could finance the company without significant negative changes to the above financial metrics (ratios)?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd