(B) A building was purchased many years ago for RM200,000. It had been depreciated at 2%...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
(B) A building was purchased many years ago for RM200,000. It had been depreciated at 2% per annum (50 years useful life) on the straight line basis and the carrying amount of the asset at 1 July 2020 is RM132,000. The directors have had the asset valued at RM750,000 and would like to incorporate this valuation into the financial statements for the year ended 30 June 2021. Required Prepare a non-current asset note for the year ended 30 June 2021 and calculate the revaluation surplus assuming that: i. The valuation is as at 1 July 2020 ii. The valuation is as at 30 June 2021. (15 marks) (B) A building was purchased many years ago for RM200,000. It had been depreciated at 2% per annum (50 years useful life) on the straight line basis and the carrying amount of the asset at 1 July 2020 is RM132,000. The directors have had the asset valued at RM750,000 and would like to incorporate this valuation into the financial statements for the year ended 30 June 2021. Required Prepare a non-current asset note for the year ended 30 June 2021 and calculate the revaluation surplus assuming that: i. The valuation is as at 1 July 2020 ii. The valuation is as at 30 June 2021. (15 marks)
Expert Answer:
Answer rating: 100% (QA)
Prepare a noncurrent asset note for the year ended 30 June 2021 Answer Noncurrent asset note Buildin... View the full answer
Related Book For
Data Analysis and Decision Making
ISBN: 978-0538476126
4th edition
Authors: Christian Albright, Wayne Winston, Christopher Zappe
Posted Date:
Students also viewed these management leadership questions
-
The Weedwacker Company manufactures two types of lawn trimmers: an electric model and a gas model. The company has contracted to supply a national discount retail chain with a total of 30,000...
-
The Garden Ornament Company manufactures two types of garden ornament a duck and a heron The information presented in Tables T1 to T5 has been prepared as a result of discussions by line managers for...
-
Match Point Racket Company manufactures two types of tennis rackets, the Junior and Pro Striker models. The production budget for March for the two rackets is as follows: Both rackets are produced in...
-
Would individual mandates for health insurance be more or less burdensome to the poor than employer mandates? Would lower-income groups be wise to favor one plan over the other?
-
Shoppers bought strawberries in March for $1.25 a pound rather than the $3.49 a pound they paid last year. With the price so low, some growers plowed over their strawberry plants to make way for...
-
Using the data in the Excel file Census Education Data, construct a joint probability distribution for marital status and educational status. a. What is the probability that a person is divorced and...
-
A heat pump works on the principle of the (a) First law of thermodynamics (b) Second law of thermodynamics (c) Zeroth law of thermodynamics (d) Third law of thermodynamics.
-
A shirt manufacturer buys cloth by the 100- yard roll from a supplier. For setting up a control chart to manage the irregularities (e. g., loose threads and tears), the following data were collected...
-
Assume you measured the position of an object in 1 second intervals at t = 1 , 2 , 3 , and 4 seconds, and obtained x = 1 . 5 5 , 2 . 7 1 , 8 . 5 7 , and 1 1 . 7 5 meters respectively. Enter these...
-
please assist in implementing the included functions. import utils import pilots import os.path # WEATHER FUNCTIONS def bad_visibility(visibility,minimum): """ Returns True if the visibility...
-
Single Taxable Income 50-59,525 $9,526-$38,700 $38,701-$82,500 $82,501-$157,500 $157,501-$200,000 $200,001-$500,000 $500,001 or more Tax Rate 10% of taxable income $952.50 plus 12% of the amount over...
-
Judging from the results of Figures 5.16. and 5.18, which method for generating a spectral component at the data clock frequency generates a higher-power one: the squarer or the delay-and-multiply...
-
When an existing company creates a new subsidiary and transfers a portion of its assets and liabilities to the new entity a. The new entity records both the assets and liabilities it received at fair...
-
Repeat Exercise R-14.28 for Figures 14.15 and 14.16 illustrating Dijkstra?s algorithm. Figures 14.15 Figures 14.16 Repeat Exercise Describe the meaning of the graphical conventions used in Figure...
-
Refer to Figure 16.16a. Given H = 5 m, a = 0.3, and q = 10 kN/m, plot the variation of the horizontal earth pressures on the wall. Figure 16.16 Line load. g/unit length - z= bH (a) q/unit length (b)
-
Draw a conceptual sketch of a ballpoint pen. Identify all the components with arrows and labels as in Figure 1.2. Figure 1.2. Crank Sprocket chain Pedal
-
Consider the following information about three stocks: State of Economy Probability of State of Economy Rate of Return if State Occurs Stock A Stock B Stock C Boom Normal 0.29 0.40 0.28 0.40 0.52...
-
The area of a rectangle is 30 cm 2 and its perimeter is 26 cm. Find the length and width of the rectangle.
-
Suppose a well-known baseball player states that, at this stage of his career, he is a 300 hitter or better. That is, he claims that he gets a hit in at least 30% of his at-bats. Over the next month...
-
It is widely known that many drivers on interstate highways in the United States do not observe the posted speed limit. Assume that the actual rates of speed driven by U.S. motorists are normally...
-
Repeat Problem 51 with the football data in the file P03_57.xlsx. a. Rearrange the data so that there are four long columns: Team, Year, Salary, and Wins. There should be 6*30 values for each. b....
-
At a given point on the airfoil surface with very low speeds, the pressure coefficient is 0.3. If the Mach number of the free stream is 0.6, then CP calculated at this point is?
-
A two dimensional airfoil is placed in the air so that its lowest pressure point appears on the lower surface. The pressure coefficient at this point is 0.782 when far field Mach number is 0.3. Try...
-
At low speed Incompressible flow, the pressure coefficient at a given point on the wing is 0.54. When the free flow Mach number is 0.58, by use of (1) Prandtl-Glauert law (2) Karman-Qian law (3)...
Study smarter with the SolutionInn App