Mayan Ltd acquired a machine on 2 January 2018 that needs a major inspection every 2 years. The cost price of the machine is N$2 000 000 and it is estimated that the cost of a major inspection will be N$200 000. The useful life of the machine is estimated to be 8 years and the company has a 31 December year end. REQUIRED TO; Show the carrying amount of the machine as at 31 December 2018 and 2019.

Robotix Company purchases a patent for $21,000 on January 1. The patent is good for 18 years, after which anyone can use the patent technology. However, Robotix plans to sell products using that patent technology for only 5 years. Prepare the intangible asset section of the year end balance sheet after amortization expense for the year is recorded.

On 1 April 2021, PHI plc acquired a new machine for a price of £25,000. On the same day, PHI paid £5,000 for a staff training session on how to operate the machine. For the subsequent measurement of the machine, PHI chose the revaluation model and the diminishing balance method with an annual rate of 30%. PHI expects to use the machine for 10 years and to dispose of it at the end of these 10 years (residual value of £0). On 31 December 2021, the machine has a fair value of £23,000; on 31 December 2022, the machine has a fair value of £12,000. PHI has a fiscal year ending 31 December.   REQUIRED: i) Explain what the subsequent measurement of the machine tells you about the subsequent measurement of other items of property, plant and equipment (PPE). ii) Calculate the relevant amounts and prepare the journal entries for the initial recognition and subsequent measurement of the machine in fiscal years 2021 and 2022. Explain each of your steps.) 3)On 31 December 2021, annual depreciation…

Current Attempt in Progress Tamarisk Company purchased Machine #201 on May 1, 2020. The following information relating to Machine #201 was gathered at the end of May. Price $112,200 Credit terms 2/10, n/30 Freight-in $1,056 Preparation and installation costs $5,016 Labor costs during regular production operations $13,860 It is expected that the machine could be used for 10 years, after which the salvage value would be zero. Tamarisk intends to use the machine for only 8 years, however, after which it expects to be able to sell it for $1,980. The invoice for Machine #201 was paid May 5, 2020. Tamarisk uses the calendar year as the basis for the preparation of financial statements.