A machine costing $60,000 has an estimated useful life of 10 years and a total expected asset life of 12 years. Assuming a residual value of $11,000 and no salvage value, record the 1st years full depreciation expense under IFRS and ASPE, respectively. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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LIST OF ACCOUNTS:

 

Accumulated Depletion

Accumulated Depreciation - Automobiles

Accumulated Depreciation - Buildings

Accumulated Depreciation - Equipment

Accumulated Depreciation - Furniture and Fixtures

Accumulated Depreciation - Machinery

Accumulated Depreciation - Vehicles

Accumulated Impairment Losses - Building

Accumulated Impairment Losses - Equipment

Accumulated Impairment Losses - Land

Accumulated Impairment Losses - Machinery

Accumulated Impairment Losses - Mine

Accumulated Impairment Losses - Patents

Accumulated Impairment Losses - Tools and Dies

Accumulated Impairment Losses - Vehicles

Asset Retirement Obligation

Buildings

Cash

Common Shares

Contribution Expense

Cost of Goods Sold

Deferred Revenue - Government Grants

Depreciation Expense

Equipment

Furniture and Fixtures

Gain on Disposal of Automobiles

Gain on Disposal of Building

Gain on Disposal of Equipment

Gain on Disposal of Furniture and Fixtures

Gain on Disposal of Machinery

Gain on Disposal of Vehicles

Gain on Sale of Land

Interest Expense

Interest Pavable

Inventory

Investment Property

Land

Liability for Site Restoration

Loss on Disposal of Automobiles

Loss on Disposal of Building

Loss on Disposal of Equipment

Loss on Disposal of Machinery

Loss on Disposal of Vehicles

Loss on Expropriation

Loss on Impairment

Loss on Sale of Land

Machinery

Mineral Resources

No Entry

Notes Payable

Oil Property

Recovery of Loss from Impairment

Repairs and Maintenance Expense

Retained Earnings

Revaluation Surplus (OCI)

Revenue - Government Grants

Royalty Expense

Vehicles

A machine costing $60,000 has an estimated useful life of 10 years and a total expected asset life of 12 years. Assuming a residual
value of $11,000 and no salvage value, record the 1st years full depreciation expense under IFRS and ASPE, respectively. (Credit
account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the
account titles and enter O for the amounts. List all debit entries before credit entries.)
Account Titles and Explanation
IFRS
Depreciation Expense
ASPE
Depreciation Expense
Debit
4900
11
5000
Credit
111
4900
5000
Transcribed Image Text:A machine costing $60,000 has an estimated useful life of 10 years and a total expected asset life of 12 years. Assuming a residual value of $11,000 and no salvage value, record the 1st years full depreciation expense under IFRS and ASPE, respectively. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation IFRS Depreciation Expense ASPE Depreciation Expense Debit 4900 11 5000 Credit 111 4900 5000
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