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What is the cost and the carrying value for assets discussed

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Club York is located in the center of Sydney. In a major refurbishment, it purchased a new sound system and a new lighting system on 1 March 2019.

  • The sound system cost $35,000 to purchase and $4,500 to install. The lighting system cost $55,000.
  • The sound system has a useful life of 8 years and residual value $500. The lighting system has a useful life of 5 years and no residual value. Both are depreciated on a straight-line basis. Club York's accounting period ends on 30 June each year. It has adopted straight-line method of depreciation.

Problem 1: What is the cost and the carrying value for the assets discussed above as at 30 June 2019.

Reference no: EM132809478

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