On 1st January 20X1, WWW Limited (WWW) purchased new machinery for $210 560. WWW paid...
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Accounting
On 1st January 20X1, WWW Limited (WWW) purchased new machinery for $210 560. WWW paid some directly attributable cost to bring this machinery into working condition. In particular, WWW paid the freight cost of $3 580 and the installation cost of $4 843. This machine is expected to have a useful life of ten years with a residual value of $2 106. The pattern of economic benefits from using this machinery is constant. Therefore, it is decided that the straight-line depreciation method will be used. Ignore GST.
- Determine the cost of the machine
- Assuming that year ends on 30 June, record the journal entry of depreciation expenses on 30 June 20X3
- Calculate the accumulated depreciation balance at the end of the fourth year
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