Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 21 answer saved marked out of 7.50 p flag

Question 21 Answer saved Marked out of 7.50 P Flag question ABC Pty Ltd acquired...

60.1K

Verified Solution

Question

Accounting

image
Question 21 Answer saved Marked out of 7.50 P Flag question ABC Pty Ltd acquired a machine for $500,000 on 1 January 2018. The machine has an estimated useful life of 10 years. The machine was sold on 1 March 2020 for $350,000 Required: A) Prepare the depreciation schedule using the prime cost method (2 marks) B) Prepare the depreciation schedule using the diminishing value method (3 marks) C) Calculate the assessable or deductible balancing adjustment under the prime cost method (1 mark) D) Calculate the assessable or deductible balance adjustment under the diminishing value method. (1.5 marks)

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

Describe the expectations and objectives of a client that can fulfil clients’ goals.

Accounting
Q

Mills Corporation acquired as a long-term investment $260 million of 5% bonds, dated July 1, on...

Accounting
Q

Which of the following firewalls is the cheapest and the quickest to install O A...

Biology
Q

Required information...

Accounting
Q

XYZ Company had the following shares outstanding during the year: 100,000 shares from January...

Accounting
Q

Torres Company accumulates the following summary data for the...

Accounting
Q

BAK Corp. is corisidering purchasing one of two new ciagsostic machines Either machine would make...

Accounting
Q

Sarah Beths Art Supply Company produces various types of paints. Actual direct manufacturing labor hours...

Accounting
Q

Reporting and Interpreting Shareholders' Equity 651 11-6 AP11-4 Comparing Stock and Cash Dividends (P11-4) Ritz...

Accounting
Q

Direct Computation of Nonoperating Return Balance sheets and income statements for 3M Company follow. a....

Accounting
Q

pls help On August 1, Sheffield, Inc, exchanged...

Accounting
Q

Please help! Will upvote, thank you!! Quantitative Problem: Currently,...

Finance