In singapore pinku Ltd sold a machine in the year ended 30 September 2023 for $23,000. This machine was purchased for S$60,000 in the year ended 30 September 2021 and it was depreciated over 5 years though CA was claimed under S19(1) over 3 years. What is the balancing adjustment for the above sale? A. Balancing Charge of $3,000 B. Balancing Charge of $13,000 C. BalancingAllowanceof$3,000 D. Balancing Allowance of $13,000

Bay Lake Mining Ltd. purchases earth-moving equipment on 1 August 20X6 and signs a three-year note with the supplier, agreeing to pay $430,000 on 31 July 20X9. There is no interest in the note. The equipment purchased does not have a readily determinable market value. (PV of $1. PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) Required: 1-a. Does Bay Lake Mining Ltd. actually have a no-Interest loan? 1-b. This part of the question is not part of your Connect assignment. 2. Calculate the present value of the note payable, using an interest rate of 7%. (Round time value factor to 5 decimal places and final answer to the nearest dollar amount.) Present value Year 3. This part of the question is not part of your Connect assignment. 4. Prepare a table that shows the balance of the note payable and Interest expense over the life of the note. (Round your final answers to the nearest dollar amount.) No 1 Yes No 2 1 2 3 3 Answer is complete and correct. $…

Daschle LLC completed some research and development in the US, during June of the current year. The related costs were $72,000. How much amortization may Daschle deduct during the current year Multiple Choice O $0 $8.200 $7,700 $14,400 None of the choices we conect

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Banco Company acquired a new machine on a delayed payment basis on August 1, 2018. A down payment of P100,000 was made, with four monthly instalments of P250,000 to commence on September 1, 2018. The machine's cash equivalent price was P 950 000. The entity spent and paid P 30 000 in installation fees. What is the sum to be capitalised as the machine's cost?

Alankar Ltd. commenced business on 1st January 2018, when they purchased plant and equipment for 9,00,000. They adopted a policy of charging depreciation at 15% per annum on diminishing balance basis and over the years, their purchases of plants have been as follows01/01/2019 - Rs. 3,50,000 01/01/2022 - Rs. 4,00,000 On 1/1/2022 it was decided to change the method and rate of depreciation to straight line basis. On this date remaining useful life was assessed as 6 years for all the assets purchased before 1/1/2022 with no scrap value and 10 years for the asset purchased on 1/1/2022. Prepare depreciation schedule for 5 years. Books of accounts are closed on 31st December every year.

Bomarks acquires an equipment from a foreign supplier on credit for $6 million on 31 March 2022, when the exchange rate was $1 = GH¢ 5. The entity incurred other direct costs of GH¢1.5 million in installing the equipment. The estimated useful life of the equipment is 10 years and the entity has obligation to restore the location to its original state after usage. The estimated cost of dismantling and restoration in 10 years is GH¢3.5 million and the entity’s cost of capital is 8%. Although the equipment was available for use from 1 May 2022, the entity did not bring it into use until 1 July, 2022. Bomarks also sold goods to a foreign customer for $3.5 million on 30 April 2022, when the exchange rate was $1 = GH¢5.75. The customer paid $1 million on 1 July when the rates were $1 = GH¢5.60. On that date, Bomarks paid half of the amount owed for the equipment. At the entity’s year-end of 31 December 2022, the closing exchange rate was $1 = GH¢5.9. The entity’s functional currency is the…

Rhone-Metro Industries manufactures equipment that is sold or leased. On December 31, 2024, Rhone-Metro leased equipment to Western Soya Company for a four-year period ending December 31, 2028, at which time possession of the leased asset will revert back to Rhone-Metro. ● ● The equipment cost $550,000 to manufacture and has an expected useful life of six years. Its normal sales price is $607,484. The expected residual value of $25,000 on December 31, 2028, is not guaranteed. Equal payments under the lease are $163,000 (including $3,000 maintenance costs) and are due on December 31 of each year. The first payment was made on December 31, 2024. Western Soya's incremental borrowing rate is 8%. Western Soya knows the interest rate implicit in the lease payments is 6%. Both companies use straight-line depreciation or amortization. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) ● Required: 1. Show how Rhone-Metro…

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