Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. maroon limited has plant that cost c100 000 on 1/1

Maroon Limited has plant that cost C100 000 on 1/1/20X1. Depreciation is provided over the...

60.1K

Verified Solution

Question

Accounting

image
Maroon Limited has plant that cost C100 000 on 1/1/20X1. Depreciation is provided over the useful life of 5 years on a straight-line basis to a nil residual value. The company uses the revaluation model for subsequent measurement of its property, plant and equipment and accounts for revaluations on the net replacement value method. The fair values listed below were measured using the cost approach. - The fair value, as determined by an independent valuer, at 1/1/20X2 amounts to C120000 - The fair value, as determined by an independent valuer, at 1/1/20X3 amounts to C50 000 - The fair value, as determined by an independent valuer, at 1/1/20X4 amounts to C50 000 The company transfers the maximum amount possible from the revaluation surplus to retained earnings on an annual basis. Impairment testing at the end of each year found that the recoverable amounts were higher than carrying amounts. Required: Journalise the transactions for the years ended 31 December 202,203 and 204. Ignore tax

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

Q

Cash Flows from Operating Activities—Indirect MethodThe net income reported on the income statement for...

Accounting
Q

For this assignment, please submit the answers to the following questions, as well as an Excel...

Statistics
Q

Why may ketone bodies form in some patients? A. lipids are not getting absorbed in the...

Medical Sciences
Q

women's alcohol and drug use during pregnancy can have harmful consequences for both women and their...

Psychology
Q

When input travels along one pathway to a specific destination and produces a specific anticipated...

Biology
Q

Two charges of magnitudes 3Q and 2Q are located at points a 0 and 4a...

Physics
Q

lators of equal mass are oscillating about the origin with angular frequencies and 2 and...

Physics
Q

38 A block is placed on a rough plane whose inclination to the horizontal 0...

Physics
Q

Find the values of x for which the following equation is true. |x| = 1...

Basic Math
Q

Which point in a triangle is equidistant from the vertices of the triangle?A. the point...

Basic Math
Q

you are required to purchase at least one share of the common stock from...

Accounting
Q

Eugene is required to make equal payment on July 10th, August 10th and September 10th...

Accounting