b. prepare entry(ies) that parnell would make on the december 31, 2018 conversion worksheet to conver...
Parnell Company acquired construction equipment on January 1, 2017, at a cost of $71,600. The equipment was expected to have a useful life of five years and a residual value of $12,000 and is being depreciated on a straight-line basis. On January 1, 2018, the equipment was appraised and determined to have a fair value of $66,700, a salvage value of $12,000, and a remaining useful life of four years. In measuring property, plant, and equipment subsequent to acquisition under...
Parnell Company acquired construction equipment on January 1, 2017, at a cost of $72,000. The equipment was expected to have a useful life of six years and a residual value of $15,000 and is being depreciated on a straight-line basis. On January 1, 2018, the equipment was appraised and determined to have a fair value of $65,100, a salvage value of $15,000, and a remaining useful life of five years. In measuring property, plant, and equipment subsequent to acquisition under...
Parnell Company acquired construction equipment on January 1, 2017, at a cost of $79,200. The equipment was expected to have a useful life of five years and a residual value of $13,000 and is being depreciated on a straight-line basis. On January 1, 2018, the equipment was appraised and determined to have a fair value of $75,700, a salvage value of $13,000, and a remaining useful life of four years. In measuring property, plant, and equipment subsequent to acquisition under...
CH11Question5 Parnell Company acquired construction equipment on January 1, 2017, at a cost of $72,000. The equipment was expected to have a useful life of four years and a residual value of $11,000 and is being depreciated on a straight-line basis. On January 1, 2018, the equipment was appraised and determined to have a fair value of $67,100, a salvage value of $11,000, and a remaining useful life of three years. In measuring property, plant, and equipment subsequent to acquisition...
Pamell Company acquired construction equipment on January 1, 2017, at a cost of $79,200. The equipment was expected to have a useful life of five years and a residual value of $13,000 and is being depreciated on a straight-line basis. On January 1, 2018, the equipment was appraised and determined to have a fair value of $75,700, a salvage value of $13,000, and a remaining useful life of four years. In measuring property, plant, and equipment subsequent to acquisition under...
Almirall uses the straight-line method to depreciate its property, plant & equipment. Almirall has four PP&E categories: (1) land, (2) buildings, (3) machinery & equipment, and (4) furniture & fixtures. The buildings were purchased on January 3, 2017 for $4,000,000, have an estimated useful life of 25 years and an estimated residual value of $500,000. The company elected the revaluation model under IAS 16 to determine the carrying value of its buildings subsequent to acquisition. In January 2018, the building...
Surat Limited paid cash to acquire an aircraft on January 1, 2017, at a cost of 31,640,000 rupees. The aircraft has an estimated useful life of 40 years and no salvage value. The company has determined that the aircraft is composed of three significant components with the following original costs (in rupees) and estimated useful lives: Component Cost Useful Life Fuselage 10,100,000 40 years Engines 16,500,000 30 years Interior 5,040,000 20 years 31,640,000 The U.S. parent of Surat does not...
Please show all calculations on how you got the amounts for the journal entry. *E10.26 (LO 5, 9) (Measurement after Acquisition-Revaluation Model) On January 1, 2020, Algo Ltd. acquires a building at a cost of $230,000. The building is expected to have a 20-year life and no residual value. The asset is accounted for under the revaluation model, using the asset adjustment method. Revaluations are carried out every three years. On December 31, 2022, the fair value of the building...
Bessrawl Corporation is a U.S.-based company that prepares its consolidated financial statements in accordance with U.S. GAAP. The company reported income in 2017 of $1,000,000 andstockholders’ equity at December 31, 2017, of $8,000,000.The CFO of Bessrawl has learned that the U.S. Securities and Exchange Commission is considering requiring U.S. companies to use IFRS in preparing consolidated financial statements. The company wishes to determine the impact that a switch to IFRS would have on its financialstatements and has engaged you to...
The non-current asset section of Zara Berhad at 31 December 2017 is as follows: Property, Plant and Equipment RM Land 65,000 Buildings (RM100,000 cost less RM2,000 depreciation) 98,000 Motor Vehicle (RM84,000 cost less RM28,800 depreciation) 55,200 Plant and Machineries (RM290,000 cost less RM134,800 depreciation) 155,200 Note: The company uses the straight-line depreciation method for all depreciable assets. The company adopts the revaluation model for land and buildings and the cost model for motor vehicle and plant and machineries. It is...