Reference no: EM132060040
Question - You are working as the accountant for the company Jailbreak Pty Ltd. Jailbreak Pty Ltd produces bolt cutters, a tool used for cutting chains, padlocks, bolts and wire mesh. When starting up in 2006, the following transactions took place in relation to the start-up of the operations:
1 September 2006, Jailbreak Pty Ltd bought the machinery for $575,000 cash. In order to get the machinery ready to be used, Jailbreak Pty Ltd spent an additional $50,000 cash to have the machinery installed on 1 October 2006. The machinery has an expected useful life of 10 years and an expected residual value of $25,000 and the machinery is depreciated on a straight-line basis.
Jailbreak Pty Ltd's the chief accountant and your superior, Angus Young, decided to account for the machinery is accounted for using the cost method.
As at 30 June 2007, there was an indication that the machinery might be impaired. In preparing for the impairment testing, you have estimated, as at 30 June 2007, the machinery's fair value less cost sell to be $345,000 and its value in use to be $354,000. As at 30 June 2007, the useful life of the machinery was revised to be only seven years; there was no change in the original assessment of the residual value or the depreciation method.
As at 30 June 2009, Jailbreak Pty Ltd. shut down its operations and sold its machinery for $200,000 and received cash in full.
Required:
(a) With respect to the machinery, write the journal entries for the following transactions or events (if any). Assume no tax.
1st September 2006:
1st October 2006:
30th June 2007:
30th June 2008:
30th June 2009:
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