User Account

All Pages

Prepare the journal entries to account for the events

Assignment Help Accounting Basics
Reference no: EM132717539

Question - On 1 July 2017, CB Contractors Ltd paid $100,000 cash to acquire an earth-moving machine. On this date it was estimated that the machine had a useful life of ten years and a residual value of $10,000. CB Contractors Ltd uses the revaluation model to measure items of property, plant and equipment and the straight-line method of depreciation. CB Contractors Ltd has a 30 June reporting date.

An independent value provided the following fair values for the machine:

Reporting date - Fair value

30 June 2018 - $73,000

30 June 2019 - 82,000

30 June 2020 - 80,000

On 31 December 2020, the machine was sold for $90,000 cash.

Required - Prepare the journal entries to account for the events and transactions in relation to the machine between 1 July 2017 and 31 December 2020.

Reference no: EM132717539

Questions Cloud

How can the change pre-layoff and post-layoff be evaluated : How can the change pre-layoff and post-layoff be evaluated? What type of control systems would you employ to ensure a smooth transition?
Compute the estimated unit variable cost : For Yaris, the differences between the units produced at the highest level of production was 1,000 units. Compute the estimated unit variable cost
Compute the company fixed maintenance costs : The average total cost per machine hour was P9.75. On the basis of this information, compute the company fixed maintenance costs
Ethics and professional codes of conduct : How did your leader display (or not display) aspects of Ethics and Professional Codes of Conduct
Prepare the journal entries to account for the events : Prepare the journal entries to account for the events and transactions in relation to the machine between 1 July 2017 and 31 December 2020
Digital preservation can be defined as the long-term : Digital preservation can be defined as the long-term, error-free storage of digital information, with means for retrieval and interpretation,
Systematic process of collecting information : A Needs Assessment refers to a systematic process of collecting information to help management teams make informed decisions to drive change,
Calculate the transaction price to be allocated : Calculate the transaction price to be allocated to the performance obligations of AllFuels Limited and prepare the journal entry to record the March 2020 sales
Limitations of blockchain and emerging concepts : Blockchain continues to be deployed into various businesses and industries.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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