A Motor vehicle was purchased on June 1, 2012 for $525 000. It was expected to last for Five- years. Management decided to depreciate the vehicle at the rate of 20% p.a. and expensed the cost of the asset over its useful economic life in the Statement of Profit and Loss/Income Statement. Management's policy dictates, depreciate for all motor vehicles on a month by month basis. What was the depreciate charge expensed on the SPL/IS for the year ended 31 December 2012.

A Motor vehicle was purchased on June 1, 2012 for $525 000. It was expected to last for Five- years. Management decided to depreciate the vehicle at the rate of 20% p.a. and expensed the cost of the asset over its useful economic life in the Statement of Profit and Loss/Income Statement. Management's policy dictates, depreciate for all motor vehicles on a month by month basis. What was the depreciate charge expensed on the SPL/IS for the year ended 31 December 2012.

Name: A Motor vehicle was purchased on June 1, 2012 for $525 000. It was ex
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Description: A Motor vehicle was purchased on June 1, 2012 for $525 000. It was expected to last for Fiveyears. Management decided to depreciate the vehicle at the rate of 20% p.a. and expensedthe cost of the asset over its useful economic life in the Statement

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 8P: Kam Company purchased a machine on January 2, 2019, for 20,000. The machine had an expected life of...

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