The cost of equipment is RM23,000 and is expected to have a residual value of RM3,000 after 10 years. Using the straight line method, what is the depreciation expenses each year?

What is the gain or loss arising from disposal of a machine bought at the cost of RM20,000, with accumulated depreciation of RM5,600 and trade in value of RM12,000?

A car at cost of RM20,000 and residual value of RM2,000 is expected to be used for five years. What is the accumulated depreciation for year 5, if straight line method is used.

A machine was purchased at the cost of RM50,000 on 1 September 2019, residual value RM2,000 and was depreciated at 12% per annum using straight line method and monthly basis. What is the depreciation expenses for the year ended 31 December 2019?

A machine was purchased at the cost of RM50,000 on 1 September 2019, residual value RM2,000 and was depreciated at 12% per annum using monthly basis. What is the accumulated depreciation for the year ended 31 December 2020, if the company is using reducing balance method.

A machine was purchased at the cost of RM50,000 on 1 September 2019, residual value RM2,000 and was depreciated at 12% per annum using monthly basis. What is the accumulated depreciation for the year ended 31 December 2020, if the company is straight line method.

An asset was purchased on 1 July 2018 for cash of RM104,000. It is a policy of the business to depreciate its asset using the reducing balance method at the rate of 15% per annum on yearly basis. Calculate the asset's net book value on 31 December 2020, assuming that the business closes its account on that date.

A machinery was purchased for RM10,000. The transportation cost incurred RM400 and an additional RM1,200 was paid to have it installed, ready for its intended use. After being used for 3 months, it broke down and had to be repaired at a cost of RM200. In the statement of financial position at the end of the period, the cost of the machinery would be shown as

Mia trading owns machinery that costs RM60,000. It is the policy of the business to charge depreciation over its useful life of 5 years. At the end of its useful life, it is estimated that its residual value is RM4,000. What is depreciation expense during the year.

Choi Company purchased equipment and these costs were incurred:

Cash price                                         RM27,500

Sales taxes                                                 1,800

Insurance during transit                               320

Installation and testing                                  430

Total costs                                       RM30,050

Choi will record the acquisition cost of the equipment as

Angie’s Blooms purchased a delivery van for RM35,000. The company was given a RM3,000 cash discount by the dealer, and paid RM1,500 sales tax. Annual insurance on the van is RM500. As a result of the purchase, by how much will Angie’s Blooms increase its van account?

Yang Company purchased equipment on January 1 at a list price of RM750,000, with credit terms 2/10, n/30. Payment was made within the discount period and Yang was given a RM15,000 cash discount. Yang paid RM37,500 sales tax on the equipment, and paid installation charges of RM13,200. Prior to installation, Yang paid RM30,000 to pour a concrete slab on which to place the equipment. What is the total cost of the new equipment?

Robin Company acquires a piece of land on which it intends to build a factory to produce its primary product. The land is listed for sale at RM460,000, but Robin Company's real estate broker is able to negotiate a sales price of RM430,000.

The land contains an old office building that is razed at a cost of RM25,000 (RM29,000 in costs less RM4,000 proceeds from salvaged materials).

Robin Company pays a commission to the real estate broker of RM23,000 and an attorney's fee of RM6,000.

On its statement of financial position at December 31, 2020, what amount will Robin Company record as the cost of the land?

On January 1, 2020, Chicago Furniture purchases a new delivery truck. The company pays RM80,000 for the truck, sales taxes of RM4,500, and delivery costs of RM2,300.

Chicago Furniture pays a local vendor RM4,800 to paint the company's name and logo on the side of the truck.

The company also pays RM16,000 for an annual insurance policy and RM1,700 for a motor vehicle license.

At what amount will Chicago Furniture record the truck on its statement of financial position at January 1, 2020?

Equipment was purchased for RM120,000. Freight charges amounted to RM5,600 and there was a cost of RM16,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a RM24,000 residual value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be

A truck was purchased for RM300,000 and it was estimated to have a RM60,000 residual value at the end of its useful life. Monthly depreciation expense of RM5,000 was recorded using the straight-line method. The annual depreciation rate is

A company purchased factory equipment on April 1, 2020 for RM240,000. It is estimated that the equipment will have a RM30,000 residual value at the end of its 10-year useful life. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2020 is

A company purchased factory equipment for RM2,800,000. It is estimated that the equipment will have a RM280,000 residual value at the end of its estimated 5-year useful life.

If the company uses the declining-balance method with 20% of depreciation rate, the amount of annual depreciation recorded for the second year after purchase would be

Tomko Company purchased machinery with a list price of RM160,000. They were given a 10% discount by the manufacturer. They paid RM1,000 for shipping and sales tax of RM7,500. Tomko estimates that the machinery will have a useful life of 10 years and a residual value of RM50,000.

If Tomko uses straight-line depreciation, annual depreciation will be