The Manager has now asked you to prepare the Asset Register record for these assets consistent with Monarch Manufacturing’s organisational policy and procedures. She has provided you with the following information: A forklift, a Toyota Hi-Lift, was purchased for $80,000 (excluding GST) on the 1 July 2018 from Queens Street Toyota. The forklift was registered for road use with registration no. ABC-123. The forklift was located at Monarch’s Melbourne factory. The estimated life of the forklift was set at 5 years. Our internal asset number FORK16 was assigned to the asset. The company accountant has instructed that straight line depreciation method will be used to estimate the residual value at the end of the effective life to be $5,000. Answer the following: Date Asset Cost Depreciation Accumulated Depreciation Carrying Amount Comments 1/7/18 Cost price 30/6/19 Depreciation
The Manager has now asked you to prepare the Asset Register record for these assets consistent with Monarch Manufacturing’s organisational policy and procedures. She has provided you with the following information: A forklift, a Toyota Hi-Lift, was purchased for $80,000 (excluding GST) on the 1 July 2018 from Queens Street Toyota. The forklift was registered for road use with registration no. ABC-123. The forklift was located at Monarch’s Melbourne factory. The estimated life of the forklift was set at 5 years. Our internal asset number FORK16 was assigned to the asset. The company accountant has instructed that straight line depreciation method will be used to estimate the residual value at the end of the effective life to be $5,000. Answer the following: Date Asset Cost Depreciation Accumulated Depreciation Carrying Amount Comments 1/7/18 Cost price 30/6/19 Depreciation
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The Manager has now asked you to prepare the Asset Register record for these assets consistent with Monarch Manufacturing’s organisational policy and procedures. She has provided you with the following information:
- A forklift, a Toyota Hi-Lift, was purchased for $80,000 (excluding GST) on the 1 July 2018 from Queens Street Toyota.
- The forklift was registered for road use with registration no. ABC-123.
- The forklift was located at Monarch’s Melbourne factory.
- The estimated life of the forklift was set at 5 years.
- Our internal asset number FORK16 was assigned to the asset.
The company accountant has instructed that
Answer the following:
|
Date |
Asset Cost |
Depreciation |
|
Carrying Amount |
Comments |
|
1/7/18 |
|
|
|
|
Cost price |
|
30/6/19 |
|
|
|
|
Depreciation |
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