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Prepare the journal entry for year for coconut plantations

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Coconut Plantations Pty Ltd purchased machinery for its manufacturing process on 1 March 2018. The machinery cost $600 000. Coconut Plantations estimates that the machinery has a useful life of five years, and will have a $50 000 residual value. Using diminishing balance depreciation, estimate the depreciation expense to be recorded in the statement of profit or loss for the year in which the machine was purchased and the subsequent year, assuming Coconut Plantations' reporting period ends on 31 December. The machinery is depreciated using a 20% depreciation rate.

Problem 1: Prepare the journal entry for the 1st year.

Reference no: EM132717969

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