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Question - Brisbane Connection purchased an item of equipment for cash $58,000 (ignore GST) on 1 July 2020. It is expected that the useful life of the equipment will be 9 years and the residual value will be $4,000. The entity adopts the straight-line depreciation method.
Required -
1) Prepare the journal entry to record the purchase of the equipment in 2020?
2) Calculate the depreciation expense of this equipment each year and prepare the journal entry for the year ending 30 June 2021.
3) Show the reporting of this equipment in the balance sheet on 30 June 2021 and 30 June 2022?
4) Assume the equipment was sold on 1 January 2023 for $51,000 (ignore GST). Prepare the general journal entries to record the sale of the equipment.
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