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An item of plant was purchased for $100,000 on 1 January 2009. At that time its estimated residual value was $5,000. At 31 December 2009 prices, the residual value was estimated at $5,200. By 31 December 2010 this had risen to $5,500. In 2009 the asset was initially depreciated straight line over 40 years. Due to lower performance than expected, at 1 January 2010 the total useful life of the machine was revised to 30 years. No further revision to the useful life was necessary at 31 December 2010.
The entity uses the cost model for this class of assets. Depreciation adjustments are made annually as part of the year end process.
Requirement
Determine the carrying amount of the plant at 31 December 2010.
Assessment Criteria: Student work will generally be assessed in terms of the following criteria: 1. Preparation of correct journal entries. 2. Accumulation of journal entr
calculate the ratios of the company called ''Apple''
In Section we had established an association among the effective and nominal rate of interest where compounding arise n times a year that is as given: r = (1 + k/m ) m - 1
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Ask quwhats taxtonomy of intermediaries estion #Minimum 100 words accepted#
speciman of accounts preparation in stock and debtor system.
How is Accounting information useful to A prospective Investor?
Q. Define the 401 Plan? 401(k) Plan - EMPLOYEE BENEFIT PLAN authorized by INTERNAL REVENUE CODE section 401(k), whereby an employer establishes an account for every participati
50. In preparing a company's statement of cash flows for the most recent year on the indirect method, the following information is available: 52,000-Net income for the year 18,00
The forecast income statements are as follows: WORKINGS Sales = 50000 × 1·12 = $56000000 Variable cost of sales = 30000 × 1·12 × 0·85 = $28560000 Fixed cost of sa
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