On January 1, 2015, Mogul company acquired equipment to be used in the manufacturing operations.  The equipment has an estimated useful life of 10 years and an estimated residual value of 50,000.    The depreciation applicable to this equipment was 240,000 for 2017 computed under the sum of year’s digit method.  What was the acquisition cost of the equipment?

Diamond Ltd acquired an item of polishing equipment on 1 July 2015 for $440,000. The equipment isexpected to have a useful life of 10 years and the straight-line method of depreciation is to be used.It has salvage value of $40,000. On 1 July 2017, the equipment is deemed to have a fair value of$424,000 and revaluation is undertaken in accordance with the Diamond Ltd policy of measuringproperty, plant and equipment at fair value. The asset is still usable for next 8 years but the salvagevalue is determined to be zero. The asset is sold for $356,000 on 1 July 2019.Required:Provide the journal entries necessary at the following dates to account for the above transactions andevents. (Ignore narrations). Show your workings. 01/07/2015 01/07/2017 01/07/2019

Diamond Ltd acquired an item of polishing equipment on 1 July 2015 for $440,000. The equipment is expected to have a useful life of 10 years and the straight-line method of depreciation is to be used. It has salvage value of $40,000. On 1 July 2017, the equipment is deemed to have a fair value of$424,000 and revaluation is undertaken in accordance with the Diamond Ltd policy of measuring property, plant and equipment at fair value. The asset is still usable for next 8 years but the salvage value is determined to be zero. The asset is sold for $356,000 on 1 July 2019. Required:Provide the journal entries necessary at the following dates to account for the above transactions and events. (Ignore narrations). Show your working. (10 marks)• 01/07/2015• 01/07/2017• 01/07/2019   Week 4Snowy Ltd acquires Pax Ltd on 1 July 2018 for $5,000,000 being the fair value of the considerationtransferred. At that date, Pax Ltd’s net identifiable assets have a fair value of $4,400,000. Goodwill of$600,000…

On August 31, 2017, Advanced Automotive purchased a copy machine for $62,500. Advanced Automotive expects the machine to last for five years and to have a residual value of $2,500. Compute depreciation expense on the machine for the year ended December 31, 2017, using the straight-line method. Begin by selecting the formula to calculate the company's depreciation expense on the machine for the year ended December 31, 2017. Then enter the amounts and calculate the depreciation expense. (Abbreviation used: Acc. = accumulated. Do not round intermediary calculations. Only round the amount you input for straight-line depreciation to the nearest dollar.) Straight-line | ]x( / 12) = depreciation