Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. parnell company acquired construction equipment on

Parnell Company acquired construction equipment on January 1, 2020, at a cost of $70,500. The...

60.1K

Verified Solution

Question

Accounting

Parnell Company acquired construction equipment on January 1, 2020, at a cost of $70,500. The equipment was expected to have a useful life of five years and a residual value of $15,000 and is being depreciated on a straight-line basis. On January 1, 2021, the equipment was appraised and determined to have a fair value of $65,500, a salvage value of $15,000, and a remaining useful life of four years. In measuring property, plant, and equipment subsequent to acquisition under IFRS, Parnell would opt to use the revaluation model in IAS 16. 01/01/2021

Revaluation surpluss is $6,100 what is the depreciation expense and the equipment according the the IFRS

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Since 1987, Starbucks had transformed itself from a modest 9-store operation in the Pacific Northwest into...

Operations Management
Q

To a rough approximation, the Earth can be treated as a greybody sphere with uniform temperature,...

Physics
Q

Dorothy Koehl recently leased space in the Southside Mall and opened a new business, Koehl's Doll...

Finance
Q

What does CDC report as the greatest tension between child care providers and parents?Whether the...

Biology
Q

Action Potential AP arises in presynaptic neuron CH gates open Causing IF Current spreads through...

Biology
Q

The function fis given by f x 9 25 Which of the following is an...

Calculus
Q

fFirst find f+g, f-g, fg and Then determine the domain for each function.gf(x) = 4x...

Algebra
Q

Sheridan Corporation reported the following for 2020: net sales $1,244,400, cost of goods sold $727,400,...

Accounting
Q

what theory or theories of liability if any are available to window & companys. customers...

Accounting
Q

Prepare Krum Co.'s journal entries to record the following transactions involving its short-term investments in...

Accounting
Q

Identifique las dos partes del capital contable de una corporacin e indique el propsito de...

Accounting
Q

Which of the following statements is true? ...

Finance