Jabs Plc purchased a plant which cost of M1 500 000 three years ago currently has...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Jabs Plc purchased a plant which cost of M1 500 000 three years ago currently has and accumulated depreciation of M450 000. Its estimated useful life was determined at ten years. The plant is revalued when the replacement cost of a similar new plant is M2 000 000. Assume that the plant has no residual value. Required a) using the Elimination Option make the relevant journal entries (assume the plant is sold after revaluation) (7 marks) Jabs Plc purchased a plant which cost of M1 500 000 three years ago currently has and accumulated depreciation of M450 000. Its estimated useful life was determined at ten years. The plant is revalued when the replacement cost of a similar new plant is M2 000 000. Assume that the plant has no residual value. Required a) using the Elimination Option make the relevant journal entries (assume the plant is sold after revaluation) (7 marks)
Expert Answer:
Answer rating: 100% (QA)
The answer is below provided step by step manner Cost of asset M 1 500 000 Accumulated Depreciation ... View the full answer
Related Book For
Business Law and the Legal Environment
ISBN: 978-1111530600
6th Edition
Authors: Jeffrey F. Beatty, Susan S. Samuelson, Dean A. Bredeson
Posted Date:
Students also viewed these accounting questions
-
Ken Jones, an architect, opened an office on April 1, 2019. During the month, he completed the following transactions connected with his professional practice: a. Transferred cash from a personal...
-
The National Division of Excellent Products Company had a turnover ratio of 4.50 and a margin of 0.15. Which of the following is the return on investment (ROI)? (Round answer to two decimal places.)...
-
Who determines the work necessary to accomplish an objective?
-
Products are 1. Lip gloss or lipstick with SPF 2. Custom facial sheets you can make online or in store pickup and have it send to your home based on your needs 3. A foundation sunscreen Price Provide...
-
Use the sum-of-the-years'-digits method to make a depreciation schedule for an asset that costs $7,500 and has a salvage value of $1,500. The asset is to be used for three years. Total cost: $7,500...
-
Some job candidates think that applying for unsolicited jobs can be more fruitful than applying for advertised openings. Discuss the advantages and disadvantages of letters that prospect for jobs.
-
On March 13, 1963, Ernesto Miranda was arrested for kidnapping and rape and taken to a Phoenix police station. After being identified by the complaining witness, he was questioned by two police...
-
In its annual report, WRS Athletic Supply, Inc., includes the following five-year financial summary. Requirement 1. Analyze the companys financial summary for the fiscal years 20112015 to decide...
-
2. In the system below, the coefficient of friction between the block and the table is 0.2. T2 2 kg 5 kg Find the acceleration of the system and the tensions T1 and T2. 10 kg [8]
-
Severo S.A. of Sao Paulo, Brazil, is organized into two divisions. The companys contribution format segmented income statement (in terms of the Brazilian currency, the real, R) for last month is...
-
Problem A (20 points): Loco Farms Company sold 36,000 units of its only product and incurred a $18,672 loss (ignoring taxes) for the current year as shown here. During a planning session for year...
-
In the summer of 2017, Reigh Webster and her friend Ella Hill were relaxing in a local watering hole complaining about their boring monotonous jobs. Reigh told Ella that she has been saving her money...
-
Your broker charges $0.0025 per share per trade. The exchange charges $0.0149 per share per trade for removing liquidity and credits $0.0131 per share per trade for adding liquidity. The current best...
-
A pendulum has a period of 1.59 s on Earth. What is its period on Mars, where the acceleration of gravity is about 0.37 that on Earth? Express your answer to two significant figures and include the...
-
4. Calculate the NOPAT, given the following information: Net profit: 4000 Interest: 1000 Tax: 1000 Loss from foreign currency devaluation: 2000 Gain from non-operational investments: 2000 Enter...
-
Besides the destructive trade in enslaved people, why, in Afonso's words, has the economic relationship with Portuguese merchants been harmful to Afonso's kingdom?
-
An engine operating at 2 9 . 4 6 % efficiency is doing 0 . 3 2 kJ of work. How much heat is exhausted to the surrounding, in J ?
-
For the data in Exercise 17-19, use the FIFO method to summarize total costs to account for, and assign these costs to units completed and transferred out, and to units in ending work in process....
-
John and Susan Verba sold a Vermont lakeshore lot to Shane and Deborah Rancourt for $115,000. The Rancourts intended to build a house on the property, but after preparing the land for construction,...
-
The Massachusetts Bay Transit Authority (MBTA) awarded the Perini Corp. a large contract to rehabilitate a section of railroad tracks. The work involved undercutting the existing track, removing the...
-
Did Exxon set the prices in bad faith? Exxon marketed gasoline to retailers in three ways. Franchisees (who owned local gas stations) were required to purchase a minimum number of gallons per month....
-
Consider the following time series data. a. Construct a time series plot. What type of pattern exists in the data? b. Show the four-quarter and centered moving average values for this time series. c....
-
The following table reports prices and usage quantities for two items in 2009 and 2011. a. Compute price relatives for each item in 2011 using 2009 as the base period. b. Compute an unweighted...
-
Refer to exercise 35. a. Deseasonalize the time series using the adjusted seasonal indexes computed in part (c) of exercise 35. b. Using Minitab or Excel, compute the linear trend regression equation...
Study smarter with the SolutionInn App