Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the carrying amount of richards property, plant an

The carrying amount of Richards property, plant and equipment at 31 December 20X5 was 2,890,000....

80.2K

Verified Solution

Question

Accounting

The carrying amount of Richards property, plant and equipment at 31 December 20X5 was

2,890,000. At 31 December 20X6, this had risen to 3,070,000.

During the year ended 31 December 20X6, Richards revalued one property upwards by

500,000, and sold another property for 948,000, recognising a profit on disposal of 200,000.

Depreciation charged during the year amounted to 380,000.

Required:-

Calculate the amount that Richard paid for the purchase of property, plant and equipment in the

year ended 31 December 20X6?

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