Question 6 Acme Pty Ltd acquired a machine from its parent company for $500,000 on 1...
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Question 6 Acme Pty Ltd acquired a machine from its parent company for $500,000 on 1 January this The market value of the machine at that time was $300,000. The parent company has owne machine for three years and calculated its depreciation deductions using the prime cost m and an effective life of eight years. Calculate the decline in value of the machine for Acme income year. Assume that it is not a leap year and Acme is not a small business entity. Acme sold the machine to an unrelated party for $400,000 on 1 December this year. Advise of its tax consequences on disposal of the machine. Question 6 Acme Pty Ltd acquired a machine from its parent company for $500,000 on 1 January this The market value of the machine at that time was $300,000. The parent company has owne machine for three years and calculated its depreciation deductions using the prime cost m and an effective life of eight years. Calculate the decline in value of the machine for Acme income year. Assume that it is not a leap year and Acme is not a small business entity. Acme sold the machine to an unrelated party for $400,000 on 1 December this year. Advise of its tax consequences on disposal of the machine.
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Related Book For
Modern Advanced Accounting In Canada
ISBN: 9781259066481
7th Edition
Authors: Hilton Murray, Herauf Darrell
Posted Date:
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