FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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LIST OF ACCOUNTS:
Accumulated Depletion
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
Revaluation Surplus (OCI)
Revenue - Government Grants
Royalty Expense
Vehicles
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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- Please answer the following question Must choose from the following 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…arrow_forwardEquipment that cost 412000 and on which 191000 of accumulated depreciation has been recorded was disposed of for 181000 cash. The entry to record this event would include a ? Equipment that cost $412000 and on which $191000 of accumulated depreciation has been recorded was disposed of for $181000 cash. The entry to record this event would include a O credit to Accumulated Depreciation for $191000. Ogain of $40000. credit to the Equipment account for $221000. loss of $40000.arrow_forwardDepreciation of property, plant and equipment is the process of asset valuation for statement of financial position purposes asset valuation based on current replacement cost data allocation of the asset's cost over its useful life fund accumulation for the replacement of the assetarrow_forward
- 1. What are the two main characteristics of intangible assets? 2. Why does the accounting profession make a distinction between internally created intangibles and purchased intangibles? 3. What are the factors to be considered in estimating the useful life of an intangible asset? 4. What is the nature of research and development cost? 5. Indicate the proper accounting form the following items. Organization Cost Advertising Cost Operating Lossesarrow_forwardParesarrow_forwardPlease use your own words to restate the ''total inventory'' and ''property/ plant/ equipment''. Should be the same length as the original one.arrow_forward
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