Reference no: EM133140194
Question - Zac Ltd is a company involved in the building industry. It purchases trucks for a specific use within the company. Over time, Zac Ltd also needs to reassess each truck and determine whether to overhaul the engines, or to replace the trucks through trade-ins with a local dealer offering good allowances on the trade-ins. As at 30 June 2013, Zac Ltd's trucks included the following:
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Truck
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Purchase date
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Cost
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Useful life
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Residual value
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1
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3 January 2011
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$124,000
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5 years
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$6,000
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2
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1 September 2011
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$157,200
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4 years
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$7,200
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3
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1 October 2012
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$168,400
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6 years
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$7,600
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The following transactions and events occurred during the year ended 30 June 2014:
On 1 August 2013 truck 1 was traded in for a new truck (Truck 4) at a cost of $115,000. A trade in allowance of $50,500 was given, with the remainder being paid in cash. Truck 4 had a useful life of 5 years and a residual value of $5,000.
On 1 September 2013 an overhaul for Truck 2 was undertaken, replacing the engine at a cost of $25,000. This resulted in an assessment of useful life to be 3 years and a residual value of $6,000.
Depreciation was recorded on 30 June 2014.
Required -
1. Prepare journal entries to record the transactions and events for the year ended 30 June 2014.
2. Show the total balance (carrying amount) as at 30 June 2014 for trucks.
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