Information related to PT Permai's fixed assets as of December 31, 2014 is as follows: Account...

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Information related to PT Permai's fixed assets as of December 31, 2014 is as follows: Account Unit Cost/unit Useful Life Method Acquisition date Declining balance Straight line Units of activity Machine 5 $100,000 Buildings 1 $500,000 Vehicle 10 $30,000 03 Mar 1 Aug 2 Sept 18 Aug 31 Dec 5 years 20 years 100,000 miles 2 January 2014 05 April 2010 01 April 2014 Residual Value/unit $20,000 $100,000 $8,000 Transactions during 2015 related to fixed assets of PT Permai as follows: Exchanged 2 units of old machines for 3 units of new machines. As a result of the exchange, the company paid an additional $30,000 cash per unit of new machinery. The economic life of the new machine is estimated at 5 years. The exchange resulted in a profit for PT Permai of $13,000. The residual value of the new machines is estimated at $5,000 per unit. Purchased 1 unit of shop for the company's product showroom for $ 800,000. The depreciation method used is the straight-line method and the residual value is estimated at 20% of the cost. Required: Make all necessary journal entries related to the fixed assets. Sold 5 vehicles for $25,000 each. The use of the car from the initial purchase to the date of sale is 25,000 miles. Purchased land for $585,000 and shelled out $15,000 cash to build roads and fences. Record depreciation of fixed assets owned by PT Permai (during 2015 the car has been used as much as 20,000 miles). Information related to PT Permai's fixed assets as of December 31, 2014 is as follows: Account Unit Cost/unit Useful Life Method Acquisition date Declining balance Straight line Units of activity Machine 5 $100,000 Buildings 1 $500,000 Vehicle 10 $30,000 03 Mar 1 Aug 2 Sept 18 Aug 31 Dec 5 years 20 years 100,000 miles 2 January 2014 05 April 2010 01 April 2014 Residual Value/unit $20,000 $100,000 $8,000 Transactions during 2015 related to fixed assets of PT Permai as follows: Exchanged 2 units of old machines for 3 units of new machines. As a result of the exchange, the company paid an additional $30,000 cash per unit of new machinery. The economic life of the new machine is estimated at 5 years. The exchange resulted in a profit for PT Permai of $13,000. The residual value of the new machines is estimated at $5,000 per unit. Purchased 1 unit of shop for the company's product showroom for $ 800,000. The depreciation method used is the straight-line method and the residual value is estimated at 20% of the cost. Required: Make all necessary journal entries related to the fixed assets. Sold 5 vehicles for $25,000 each. The use of the car from the initial purchase to the date of sale is 25,000 miles. Purchased land for $585,000 and shelled out $15,000 cash to build roads and fences. Record depreciation of fixed assets owned by PT Permai (during 2015 the car has been used as much as 20,000 miles).

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030315 Exchange of old machines for new machines Dr Cash 30000 Cr Machin... View the full answer