Acct1054 Financial Accounting And Reporting Assessment Answer
QUESTION ONE
1) Cost = $ 2,000,000 (1,850,000+50,000+60,000+40,000)
2)
DR Machine 2 mil
CR Cash 2 mil
QUESTION TWO
1) Recoverable amount is the remaining future economic benefit. Calculated as the higher between net selling price and value in use.
2) Recoverable amount is $400,000
3) Impairment loss of $600,000 has to be recorded as
4) DR Impairment loss 600,000
CR Accum. Impair. Loss 600,000
5) On profit the effect is to decrease the profit / on loss it to increase it even more.
QUESTION THREE
The Special cutting machine should be recorded at the fair value of purchase consideration. This would be calculated as follows:
|
|
|
|
Cash |
$10 000 |
|
Land |
$60 000 |
|
Value of assumed liability |
$5 000 |
|
Total acquisition cost |
$75 000 |
(b) The accounting entries to record the acquisition would be:
|
Dr |
Plant and machinery |
75 000 |
|
|
Cr |
Cash |
|
10 000 |
|
Cr |
Land |
|
60 000 |
|
Cr |
Bank loan |
|
5 000 |
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