Dove Ltd operates a factory that contains a large number of machines designed to produce knitted garments. These machines are generally depreciated at 10% p.a. on a straight-line basis. In general, machines are estimated to have a residual value on disposal of 10% of cost. At 1 July 2017, Dove Ltd had a total of 64 machines, and the statement of financial position showed a total cost of $428,000 and accumulated depreciation of $133,000. During 2017?18, the following transactions occurred:
|1.||On 1 September 2017, a new machine was acquired for $15,000. This machine replaced two other machines. One of the two replaced machines was acquired on 1 July 2014 for $8,400. It was traded in on the new machine, with Dove Ltd making a cash payment of $9,000 on the new machine. The second replaced machine had cost $9,200 on 1 April 2015 and was sold for $7,400. |
|2.||On 1 January 2018, a machine that had cost $4,100 on 1 July 2008 was retired from use and sold for scrap for $510.|
|3.||On 1 January 2018, a machine that had been acquired on 1 January 2015 for $7,100 was repaired because its motor had been damaged from overheating. The motor was replaced at a cost of $4,900. It was expected that this would increase the life of the machine by an extra 2 years.|
|4.||On 1 April 2018, Dove Ltd fitted a new form of arm to a machine used for putting special designs onto garments. The arm cost $1,200. The machine had been acquired on 1 April 2015 for $10,200. The arm can be used on a number of other machines when required and has a 15-year life. It will not be sold when any particular machine is retired, but retained for use on other machines.|
determine the depreciation expense for Dove Ltd for 2017 -18
This question was answered on: Sep 18, 2020
Buy this answer for only: $15
This attachment is locked
We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free copy from our tutoring website www.aceyourhomework.com (Deadline assured. Flexible pricing. TurnItIn Report provided)
Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
About this QuestionSTATUS
Sep 18, 2020EXPERT
GET INSTANT HELP/h4>
We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.
You can also use these solutions:
- As a reference for in-depth understanding of the subject.
- As a source of ideas / reasoning for your own research (if properly referenced)
- For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
NEW ASSIGNMENT HELP?
Order New Solution. Quick Turnaround
Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.
WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN YOUR SET DEADLINE.