Question: how to do this two question? (1) These are the extracted balances from the balance sheet as at 31 December 2019: $ Motor vehicle 80,000

how to do this two question?

(1) These are the extracted balances from the balance sheet as at 31 December 2019:

Motor vehicle 80,000

Less: Accumulated Depreciation 5,000

75,000

New motor vehicle costing $30,000 was acquired in 1 October 2019. There was no disposal during the year. Depreciation of motor vehicle is over 5 years using the reducing balance method at a rate of 20%. The scrap value of motor vehicle at the end of its useful life is expected to be $8,000.

Assume no depreciation has been recorded for the year. What are the correct journal entries to record the depreciation expense for motor vehicle as at 31 December 2019?

(2) These are the extracted balances from the balance sheet as at 31 December 2019:

Machinery 40,000

Less: Accumulated Depreciation 6,000

34,000

New machinery costing $12,000 was acquired in 31 March 2019. There was no disposal during the year. Depreciation of machinery is over 5 years using the straight-line method. Residual value of $2,000 is expected at the end of the 5 years for the new machinery.

Assume no depreciation has been recorded for the year. What are the correct journal entries to record the depreciation expense for machinery as at 31 December 2019?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Practice Exam. Need help finishing the attach file. Took it already but having trouble finding out what I got wrong Dr. Christine Jonick, Professor of Accounting, University of North Georgia 2013...

You are required to study the information provided below concerning a Namibian listed company called Deep Yellow Limited, that operates in the mining industry. You should compile a report based on...

QUESTION 3 (8 + 12 = 20 Marks) a) On 1 July 2021, Mozart Ltd purchased three machines each used in a different production process in the factory. On 30 June 2022, there was an indication that the...

QUESTION 3 a) On 1 July 2021, Mozart Ltd purchased three machines each used in a different production process in the factory. On 30 June 2022, there was an indication that the machines could be...

Case Study Analysis Chrisha is a limited liability company. You have been employed as the Assistant Financial Controller and have been assigned to prepare the year-end financial statements, in...

Chrisha is a limited liability company. You have been employed as the Assistant Financial Controller and have been assigned to prepare the year-end financial statements, in particular the Statement...

Case Study Analysis Chrisha is a limited liability company. You have been employed as the Assistant Financial Controller and have been assigned to prepare the year-end financial statements, in...

Pizza Corporation acquired 80 percent ownership of Slice Products Company on January 1, 20X1, for $142,000. On that date, the falr value of the noncontrolling Interest was $35,500, and Slce reported...

Alter the structure below to show CUA. C opy aste OH OH HO OH

Is R2 a subspace of R3?

Receivables turnover is a meaningful calculation for all retail companies.O TrueO False

is a difference. 1. P(D) = 0.37, P(G) = 0.54, and P(D U G) = 0.78. Find P(D|G). (Express the answer as a fraction) %3D

Jakob Corporation has the following information pertaining to the purchase of a new piece of equipment: Cash revenues less cash expenses $55,000 per year Cost of equipment Salvage value at the end of...

To verify their calculations, Carrington and Genevieve have hired Josh Schlessman as a consultant. Josh was previously an equity analyst and covered the HVAC industry. Josh has examined the company's...

You need both equations and clearly labeled graphs (separate graphs for each question) to answer the following questions. Assume that b = 1/2 and that initially the real interest rate is equal to the...

Question 1 Give two (2) examples of project management tools and how they contribute to a project. (Approx. 50 words) Answer: Question 2 Outline types of documents and other sources of information...

The rise of neo-conservative paternalism in poverty governance according to the Soss text, Disciplining the Poor, can be seen as a reaction to: Shirking by America's poor The breakdown of morality...

1. Discuss the following: a) If you want stability, you should focus on change. b) What happens when an effect becomes a cause? c) If you do the opposite of what is expected, the reaction is changed....

2. In this chapter, the reader should reflect on the following concepts: Systemic, positive feedback loop, negative feedback loop, negative feed-back loop dominance, positive feedback loop dominance,...

1. To gain insight into communication situations regarding the fact that they should be understood by examining the relationship between the parts and the whole, and to provide an understanding that...