On 1/1/2022, the company purchased a car (Mazda CX9, year 2013, serial number ANK#34039) for the sales manager for $23,000. Due to the amount of travelling, the car is expected to have a useful life of 8 years. The car has a salvage value of $2,000

On 1/1/2022, the company purchased a laptop (Macbook Pro 14, serial number ANK#34040) for the sales manager for $3,000. It is expected to last 5 years. The laptop has a salvage value of $200.

On 1/1/2022, the company purchased a building in Brisbane for their offices for $80,000 (Serial number ANK#34041). The useful life of the building is expected to be 30 years. The building has a salvage value of $4,000.

On 1/1/2023, the company purchased a crane machine for $50,000 (Liebherr-x100, year 2015, Serial number ANK#34042). Its useful life is estimated to be 8 years due to constant work. The crane machine has a salvage value of $3,000.

All assets have Brisbane as their physical location.

The company uses a straight-line depreciation method for all property, plant and equipment assets.

 

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2. a. Following the straight depreciation method, complete the organisational depreciation schedule template. b. Is there any disposal to be recorded? Explain your answer. Depreciation Schedule Property, plant and equipment Assets Value in Books Asset Asset Acquisition Acquisition Depreciation Useful Salvage Name Class Date Cost Method Life Value (Years) Value to depreciate Estimate 2023 2024 2025 2026 2027 2028 2029 2030 yearly depreciation 3. Establish and describe a 3-step (at least) process for maintaining the asset register and associated depreciation schedule according to accounting requirements and organisational policies and procedures. 2. a. Following the straight depreciation method, complete the organisational depreciation schedule template. b. Is there any disposal to be recorded? Explain your answer. Depreciation Schedule Property, plant and equipment Assets Value in Books Asset Asset Acquisition Acquisition Depreciation Useful Salvage Name Class Date Cost Method Life Value (Years) Value to depreciate Estimate 2023 2024 2025 2026 2027 2028 2029 2030 yearly depreciation 3. Establish and describe a 3-step (at least) process for maintaining the asset register and associated depreciation schedule according to accounting requirements and organisational policies and procedures.

Answer rating: 100% (QA)

Here is the calculation of depreciation expense for each asset for 2022 and 2023 using the ... View the full answer