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Depreciation question

Forums › ACCA Forums › General ACCA Forums › Depreciation question

  • This topic has 1 reply, 2 voices, and was last updated 2 months ago by Kim Smith.
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  • April 8, 2023 at 2:41 pm #682411
    vanbui157
    Participant
    • Topics: 1
    • Replies: 0
    • ☆

    An entity purchased property for $6 million on 1 July 20×3. The land element of the purchase was $1 million. The expected life of the building was 50 years and its residual value nil. On 30 June 20×5 the property was revalued to $7 million, of which the land element was $1.24 million and the building $5.76 million. On 30 June 20×7, property was sold for $6.8 million.
    Required: Record transactions during this property’s life.
    Can you guys please help me with this exercise before 4/10/2023? thank you so muchhhh

    April 8, 2023 at 4:39 pm #682415
    Kim Smith
    Keymaster
    • Topics: 105
    • Replies: 7103
    • ☆☆☆☆☆

    Welcome to OpenTuition!

    As a newbie to our forums please note:

    1. This is a general forum, not exam specific.

    2. We do not provide a homework assignment answering service.

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