WUCB104: Accounting In Organisations - Perpetual Inventory System - Accounting Assignment Help

Assignment Task :

QUESTION 1

Part A

Newlan Pty Ltd purchased equipment on July 1, 2015 for $114,400 including GST. The expected useful life of the equipment is ten (10) years/and or 100,000 units. Management has set the residual value as $22,000, also including GST.

Required;

1. Identify the depreciation method used in each instance and show workings (rounded to the nearest dollar).

2. Assume continued use & comparison of the three methods in 2018. Determine the annual depreciation expense, accumulated depreciation and the carrying amount of the equipment for each annual period since the equipment was purchased up to and including annual depreciation reporting for 2021. Hint: you may find the table format used above convenient to continue by adding an additional RH column labelled ‘Carrying amount’ for each method and replacing the method headings according to your answers in requirement I. You will also need to insert a row above 2014 to place the purchase cost of the asset into the ‘Carrying amount’ column. 

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