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Tea Tree Bay Ltd acquires a Gizmo Machine from Jetsons Ltd for the following consideration:
Cash $20,000
Land In the books of Tea Tree Bay Ltd the land is recorded at its cost of $100,000. It has a fair value of $140,000.
Equipment: In the books of Tea Tree Bay Ltd the equipment is recorded at a cost of $50,000. The equipment has an accumulated depreciation balance of $20,000. The fair value of the equipment is $23,000
Required:
Question a) Calculate the acquisition cost of the Gizmo Machine that will be used as the base for future depreciation charge.
Question b) Provide the journal entries that would appear in Tea Tree Bay Ltd's books to account for the acquisition of the Gizmo Machine.
Question c) Will the maintenance cost be included in the acquisition cost of the machine? Justify your answer.
The company has a 40 percent tax rate and desires an after tax return of 12% on its investment. Compute the net present value of the machine?
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