Straight Line Depreciation Method Assignment

Straight Line Depreciation Method Assignment

Dragon’s Fire Pty Ltd is a business that manufactures and sells outdoor wood heaters. The business was formed on 1 July 2019. The land and building were purchased on 1 July 2019.

Prices of Building and Land as at 30 June 2021:
Cost of Building = $633,724.34
Less: Accumulated depreciation = $115,325.67 (Deprecation amount per year is $57,662.83)
Carrying Amount = $518,398.67
Cost of Land = $310,917.89
The company uses the straight-line depreciation method. In two years’ time on 30 June 2021, Dragon’s Fire Pty Ltd obtained an independent valuation of the land and buildings. The independent valuation indicated that the land’s fair value was $300,000 and the building’s fair value was $620,000. The valuation report stated that the residual value of the building has been revised to $20,000 and is expected to last an additional 10 years.
Required:
1. Using the revaluation model calculate the revised amount that the building and land should be recorded at in the balance sheet for 30 June 2021. Include in your answer the general journal entries that need to be recorded to recognize the revised value of the building and land. Show your calculations. Get Argumentative Essay Writing help now

Homework Market
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Homework Market

HomeworkMarket

Quality Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Homework Market

Qualified Writers

We have hired a team of professional writers experienced in academic and business writing. Most of them are native speakers and PhD holders able to take care of any assignment you need help with.

HomeworkMarket

Unlimited Revision

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account.

HomeworkMarket

Timely Delivery

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. We will always strive to deliver on time.

HomeworkMarket

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text.

HomeworkMarket

Customer Support 24/7

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Homework Market

Place your order

Fill in the order form and provide all details of your assignment.

Homework Market

Proceed with the payment

Choose the payment system that suits you most.

Homework Market

Receive the final file

Once your paper is ready, we will email it to you.

Homework Market Writing Services

No need to work on essay at night. Sleep tight, we will cover your back. We offer all kinds of essay writing services.

HomeworkMarket HomeworkMrket

Essays

Essay Writing Services

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

HomeworkMarket HomeworkMarket

Admissions

Admission Essays

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

HomeworkMarket HomeworkMarket

Editing

Essay Editing

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

HomeworkMarket HomeworkMarket

Research Paper

Research Paper

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied.