On 1 Juanuary 2022, XYZ Company acquired and started to use a machine for the production of goods. On the same date, the following expenditures were incurred relating to the machine. Purchase price €40,000 Freight and insurance costs €2,000 Installation and assembly costs €1, 600 Costs of testing prior to use €1,200 Additional information is as follows: XYZ Company used the cost model for the machine which had an eight-year useful life and no residual value and was depreciated using the sttraight - lien method. XYZ Company did not change the useful life, the residual value and the depreciation method of the machine for 2022 through 2024 The machine was not expected to be sold before 31 December 2024. Question: Assume that XYZ Company sold the machine for €26,000 cash on 31 December 2022. What amount of gain or loss should XYZ Company recognise in its 2024 financial statements as a result of the sale of the machine?

A elearning.act.edu.om Muscat LLC purchased a machine on 1st January, 2019 for OMR 250,000. The rate of depreciation is 20% p.a. under straight line method. Replacement Cost of the machine on 31st December,2019 was OMR 350,000 and on 31st December, 2020 was OMR 500,000. The company wishes to follow Current Cost Accounting rather than the Historical Cost Accounting. a. What is the amount of Depreciation Adjustment? b. What is the amount of Additional Depreciation? C. What is the amount of Back Log Depreciation?

Vik

Alpesh

Don't give solution in image format..

Asset ImpairmentGreen Light Ltd (GLL) tested a machine for impairment on 31 December 2018. The machine was carried at depreciated historical cost, and its carrying amount was $150,000. It had an estimated remaining useful life of 10 years. GLL's accounting policy required all property, plant and equipment's recoverable amount was determined on the basis of value-in-use calculation, using a discount rate of 15%. The management of GLL estimated the future net cash flows of the machine using reasonable assumptions. The following information related to future net cash flows of the machine was available at the end of 2018.   Year Future net cash flow ('000)2019 22,1652020 21,4502021 20,5502022 24,7252023 25,3252024 24,8252025 24,1232026 25,5332027 24,2342028 22,850   Suppose in the years 2019-2021, no event occurred that required the machine's recoverable amount to be re-estimated. On 31 December 2022, costs of $25,000 were incurred to enhance the machine's performance. Revised estimated…

On January 1, 2020, Techno Company sold a machine for RO15,000 cash. The Machine originally cost RO 56,000. As of January 1, 2020, it had accumulated depreciation of RO 35,000. Prepare the journal entry to record the sales of the Machine Select one: О. 15,000 35,000 Cash Accumulated Depreciation Loss on disposal of Machine Machine 6,000 56,000 O b. Accumulated Depreciation 35,000 Equipment 35,000 O c. Truck 56,000 直。 كتب هنا ل لبحث

Machinery was bought October 2,2021. The total purchase cost was $182 900 which is inclusive of $600 installation expense and $14 900 normal repair and maintenance cost, and with a $6 000 estimated salvage value was sold on February 1, 2023. It's residual value is $6,000 and estimated useful life of 8 years. What is the cost of Machinery?

s

Explain to what extent the value of the diesel lorry is to be imparied. Support your answer with calculations.