On January 1st, 2021, Element Fire Doors purchased new welding machinery. The machinery cost $150,000 and...
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On January 1st, 2021, Element Fire Doors purchased new welding machinery. The machinery cost $150,000 and has an estimated residual value of $25,000. The machinery is expected to be used for 30,000 working hours during its 10-year life. Assume a 30th June year-end. What is the carrying value of the machine at the end of 2022 financial year if the company uses the diminishing-balance method using a rate that is double the straight-line rate for 2021 and 2022? On January 1st, 2021, Element Fire Doors purchased an additional welding machinery. The machinery cost $150,000 and has an estimated residual value of $24,000. The machinery is expected to be used for 30,000 working hours during its 10-year life. Assume a 30th June year- end. What is the carrying value of the machine at the end of 2022 financial year if the company uses the units of production method, assuming the machine was used 1500 hours in 2021 and 3000 hours in 2022? On January 1st, 2021, Element Fire Doors purchased new welding machinery. The machinery cost $150,000 and has an estimated residual value of $25,000. The machinery is expected to be used for 30,000 working hours during its 10-year life. Assume a 30th June year-end. What is the carrying value of the machine at the end of 2022 financial year if the company uses the diminishing-balance method using a rate that is double the straight-line rate for 2021 and 2022? On January 1st, 2021, Element Fire Doors purchased an additional welding machinery. The machinery cost $150,000 and has an estimated residual value of $24,000. The machinery is expected to be used for 30,000 working hours during its 10-year life. Assume a 30th June year- end. What is the carrying value of the machine at the end of 2022 financial year if the company uses the units of production method, assuming the machine was used 1500 hours in 2021 and 3000 hours in 2022?
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Diminishingbalance Method Machinery 1 1 Calculate Depreciation Rate StraightLine Rate 1 Useful Life 1 10 01 DiminishingBalance Rate 2 StraightLine Rat... View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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