What amount should appear in the company statement of profit

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Q1. Anna Judd of Blue Chip Limited, an Australian corporation, is computing the depreciation expense of a manufacturing plant for the fiscal year ended 31 March 2014. The plant was acquired on 1 April 2013. Judd gathers the following information (currency in Australian dollars, AUD): Plant cost AUD 2,500,000: Estimated residual value AUD 250,000: Expected useful life 10 years: Total productive capacity 1,900,000 units: Production in FY 2014 100,000 units: Expected production for the next 9 years 200,000 units each year: The amount of depreciation expense (in AUD) reported on Blue Chip's income statement related to the manufacturing plant based on units-of-production method is closest to?

Q2. At 31 March 20X2 a company had oil in hand to be used for heating costing $8,200 and an unpaid heating oil bill for $3,600. At 31 March 20X3 the heating oil in hand was $9,300 and there was an outstanding heating oil bill of $3,200. Payments made for heating oil during the year ended 31 March 20X3 totalled $34,600. Based on these figures, what amount should appear in the company's statement of profit or loss and other comprehensive income for heating oil for the year?

Reference no: EM133044230

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