Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on 1 april 2020, abc prepare financial statements

On 1 April 2020, ABC prepare financial statements to 31 March each year, purchases an...

60.1K

Verified Solution

Question

Accounting

On 1 April 2020, ABC prepare financial statements to 31 March each year, purchases an item of equipment, X1, for 59,500 with a salvage of 1,500 at the end of five years. At the start of year three the X1 is sold for loss of 10,000 and the updated version of the equipment called the XX1 is purchased for 69,500 with a residual value of 1,500 after eight years. The XX1 is revalued at the start of fifth year by 5,000 as no more models are expected to be made.

Calculate the depreciation for five years using the straight-line method

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

A used car dealer says that the mean price of a​ three-year-old sports utility vehicle is...

Mechanical Engineering
1.2K views

It is desired to produce liquefied natural gas (LNG), which we consider to be pure methane,...

Civil Engineering
1.2K views

QUESTION 6 (written in own words.) a) What is the difference between the physical soil formed and chemical...

Basic Math
1.2K views

Suppose that each of two investments has a 4% chance of a loss of $10 million,...

Accounting
1.2K views

hello Could I get the answers for Question 5 here's the question: QUESTION5 You are the...

Physics
1.2K views

Consider two solid uniform spherical objects of the same density p One has a radius...

Basic Math
1.2K views

A superintendent has 12 schools under his jurisdiction. If he randomly selects 3 schools from...

Algebra
1.2K views

Question A company s mean salary is 65 000 with a standard deviation of 6...

Algebra
1.2K views

8 O 10 O 8 14 Solve for y in the equation O y 11...

Accounting
1.2K views

Discontinue a Segment Product X has revenue of $193,900, variable cost of goods sold of...

Finance
1.2K views

I need help with this im not sure how to solve FCF like this ...

Finance
1.2K views

The Meldrum Co. expects to sell 3,210 units, 18 percent, of a new product....