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Prepare the journal entries to record the purchase

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Question - On 1 July 2017, Rock the Wok Ltd acquired equipment for $100,000 cash. Transport and installation costs of $4200 were paid on 5 July 2017. The expected useful life of equipment and residual value were estimated to be 10 years and $1800 respectively. At 30 June 2018, the fair value of equipment was assessed for $80 000. The remaining useful life was assessed to be 8 years and residual value estimated to be negligible (zero). At 30 June 2019, the fair value of equipment was assessed to be $81 750.

Required -

a. Prepare the journal entries to record the purchase of equipment. Nations are required.

b. Prepare the other relevant journal entries in the books of the Rock the Wok Ltd for the years ending 30 June 2018 and 2019.

Reference no: EM132654448

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