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Prepare partial financial statement

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Question - HG Constructions Ltd purchased a truck costing $82,000. It is expected to have a residual value of $6,000 at the end of its useful life of 10 years or 250,000 kilometres. Ignore GST.

Required -

a) Assume the truck was purchased on 1 July 2017 and that the accounting period ends on 30 June. Calculate the depreciation expense for the third year using each of the following depreciation methods

straight-line

diminishing balance (depreciation rate has been calculated as 25%)

units of production (assume the truck was driven 40,000 km, 60,000 km, 80,000 km respectively in year 1, 2 and 3).

b) Prepare partial financial statement that shows how the truck appear in the financial statement prepared at the end of year 3using Straight-line method.

Reference no: EM132752442

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