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Prepare the Asset Register record for the forklift

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Question - Monarch Manufacturing purchased a new forklift. A check of Monarch's records revealed that an Asset Register record for the forklift vehicle had not been created. The Manager has now asked you to prepare the Asset Register record for this forklift. She has provided you with the following information regarding the forklift:

A forklift, a Toyota Hi-Lift, was purchased for $80,000 (excluding GST) on the 1 July 2016 from Queens Street Toyota.

The forklift was registered for road use with registration no. ABC-123.

The forklift was located at Monarch's Melbourne factory.

The estimated life of the forklift was set at 5 years.

Our internal asset number FORK16 was assigned to the asset.

The company accountant has instructed that straight line depreciation method will be use and estimated the residual value at the end of the effective life to be $5,000.

Due to a change in requirements, the forklift was sold on 1 January 2018 for $44,000 (excluding GST) giving a profit/loss on disposal.

Required - Prepare the Asset Register record for the forklift.

Reference no: EM133030762

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