Record all journal entries to revalue the machine on june

Assignment Help Financial Accounting

Reference no: EM132651635

On 1 January 2016, Tonga Ltd purchased a machine for $500,000. It had a useful life of 6 years and a residual value of $200,000. Treat each part of the question independently (i.e. your answers to Part A don't affect your answers to Part B). Part A Assume the machine is depreciated on a straight line basis. On 30 June 2019, the machine is revalued to $310,000. At this point, the useful life is determined to be 4 years and the residual value is estimated as $100,000. On 30 June 2020, the machine is revalued to $280.000.

Required

Question 1: Calculate the carrying amount of the machine on 30 June 2019.

Question 2: Record all journal entries to revalue the machine on 30 June 2019.

Question 3: Record all journal entries to revalue the machine on 30 June 2020.

Reference no: EM132651635

Questions Cloud

How much does wendy pay to receive : After carrying out the allocation of the items, and the first settlement, how much money is in the surplus? How much does Wendy pay to

Understanding about social studies topic : Discuss the use of technology to engage students and further their understanding about a social studies topic.

The importance of vacation time to your employees : Which motivational theory or theories do you think would help communicate the importance of vacation time to your employees?

Principles of design in your analysis of third piece : Identify at least five visual elements and/or principles of design in your analysis of the third piece.

Record all journal entries to revalue the machine on june : Record all journal entries to revalue the machine on 30 June 2019. Calculate the carrying amount of the machine on 30 June 2019.

Correlation misinterpreted as causation : What is one instance where you have seen correlation misinterpreted as causation? Please describe - There is a particular tendency to make this causal error

Functioning citizens of society in the future : "To become functioning citizens of society in the future, it is important for children to be prepared for this role.

Find what is payback period and payback reciprocal : Find What is payback period and payback reciprocal. The annual cost of operating the old machinery is P138,600, excluding depreciation

Mental health program for elderly veterans : Mental Health program for elderly Veterans - Is sufficient attention paid to regulation - Has the group considered all aspects of care that may be needed

User Account

All Pages