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Find the journal entries that richmond pty ltd would use

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Reference no: EM132720032

Richmond Pty Ltd constructed a Giant Machine and incurred the following costs in doingso:

  • Amounts paid to employees to build the machine = $120,000
  • Raw materials consumed in building the machine = $45,000
  • Manufacturing equipment depreciation attributed to construction of Giant Machine =$25,000

For the above transactions:

Problem A. Provide the journal entries that Richmond Pty Ltd would use for the construction of the asset.

Problem B. Assume that immediately after the journal entries in part A. have been made, new information becomes available that indicates the recoverable amount of the Giant Machine is only $160,000. Provide the adjusting journal entries.

Reference no: EM132720032

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