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27/09/2017 Question 1 Print by: Golam Al Maruf Rashik 200973_2017_spr: 200973 (Spring 2017) Techniques in Financial Accounting / Main Assignment * Question 1 On 2 January 2015, Powerhouse Ltd purchased, by exchanging $360,000 cash and a $216,000, 12%, 18-month finance company loan, assets with the following independently determined appraised values: Appraised value Building $384,000 Land 96,000 Machinery and equipment 120,000 $600,000 The estimated useful life of the building is 30 years and its residual value is $24,000. The $120,000 machinery and equipment amount consists of three machines independently valued at $36,000 each and some office equipment valued at $12,000. The estimated useful lives and residual values for these assets are: Useful life Residual value Machine 1 6 years $3,600 Machine 2 9 years 3,600 Machine 3 4 years 4,800 Office equipment 5 years 600 Powerhouse Ltd uses the straight-line depreciation method. Ignore GST. * Question 1 Prepare journal entries (in general journal form) to record the following. (Enter all debit entries first, followed by all credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) 1. The purchase of the assets. Powerhouse Ltd General journal (extract) Date Particulars Debit Credit 2015 Jan. 2 (To record purchase of various assets) https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 1/2 27/09/2017 Question 1 2. The accrual of interest expense on the loan on 31 December 2015. Powerhouse Ltd General journal (extract) Date Particulars Debit Credit 2015 Dec. 31 (To record annual interest. Not a qualifying asset) 3. Depreciation expense for the year 2015. Powerhouse Ltd General journal (extract) Date Particulars Debit Credit 2015 Dec. 31 (To record annual depreciation) 4. The payment of the loan on 2 July 2016. Powerhouse Ltd General journal (extract) Date Particulars Debit Credit 2015 Dec. 31 (To record repayment of loan plus interest) Attempts: 0 of 1 used * Question 1 The parts of this question must be completed in order. This part will be available when you complete the part above. Copyright 2000-2017 by John Wiley & Sons, Inc. or related companies. All rights reserved. https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 2/2