Question: Grant Pty Ltd acquired : (A) 1 new roller machine on the 1st July 2017 for $88,000. It was installed and then started to run

Grant Pty Ltd acquired :

(A) 1 new roller machine on the 1st July 2017 for $88,000. It was installed and then started to run on the 1st August 2017. It was estimated the machine had a useful life of 10 years.

(B) 1new car on the 1 Jan 2018 for 70,000. It has a useful life of 4 years.

The company adopts a diminishing value method for machinery & prime cost for Vehicles.

6.1 What is the amount of Depreciation claimed for the year ended 30 June 2018? (3 Mark)

6.2 What is the amount of Depreciation claimed for year ended 30 June 2019? (3 Mark)

6.3 What is the closing written down value of the Machine as at 30 June 2019? (3 Mark)

6.4 Grant decided to sell the machine in exchange for a bigger and better one of the 30 June 2019. He sold it for $50,000. What is the balancing charge amount? (6 marks)

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