Hamilton Express Ltd On 1 February 2016, a vehicle, a Holden Utility Registration Number GRT 333, was purchased from Beaut Utes for $35,000. A two-way radio was added at a further cost of $1,000 on the 27th of February with the Ute being ready for use on the 1st of March 2016. The vehicle’s estimated residual value was $12,000 and its estimated life was 6 years. Its registration and insurance costs total $1,600 each year. The vehicle will operate from Workshop 8 and is to be depreciated at 16.67% per annum on the straight-line method (on cost). Parts of the year are to be accounted for depreciation. The vehicle has been serviced every 12 months from the date of purchase, at a cost of $600 per service, and repairs to the motor and brakes of $1,000 were required on 31 May 2019. All work was completed by Reasonable Repairs Ltd. On 30 June 2019, the utility was sold for $14,000 cash. (All amounts exclusive of GST). 

REQUIRED: for the period 30 June 2019. 

1. An asset register 

2. A maintenance record

Answer rating: 100% (QA)

Quiz 1 Workshop 8 Holden Utility Registration Number GRT 333 ... View the full answer