A borrower must allocate mortgage repayments between:

A current liability is a liability that can reasonably be

expected to be paid:

Cole Company buys land for $50,000 in 2022. At the end of 2022,

the land has been valued at $50,500. By the end of 2023, the land has been

valued at $51,800. By what amount should the land account be increased at the

end of 2023?

TT Transport purchases a new delivery truck for $80,000. The import

duty is $3,000. The logo of the company is painted on the side of the truck for

$500. The annual truck registration is $700 and a 12-month accident insurance

policy is $1,100. The truck undergoes safety testing for $330.  How much does TT Transport record as the cost

of the new truck?

Machinery with a cost of $30,000 and accumulated depreciation of

$27,500 is sold for $3,500. What is the amount of the gain or loss on disposal

of the machinery?

Equipment with a cost of $160,000 has an estimated residual value

of $10,000 and an estimated life of 4 years or 12,000 hours. It is to be

depreciated by the reducing balance method with a rate of 37.5%. What is the

amount of depreciation expense for the first full year?

Equipment with a cost of $160,000 has an estimated residual value

of $10,000 and an estimated life of 4 years or 12,000 hours. It is to be

depreciated by the units-of-production method. What is the amount of

depreciation expense for the first full year, during which the equipment was

used 3,300 hours?

Equipment with a cost of $160,000 has an estimated residual value

of $10,000 and an estimated life of 4 years or 12,000 hours. It is to be

depreciated by the straight-line method. What is the amount of depreciation

expense for the first full year?

ABC Ltd purchased equipment on 1 July 2021 for $90,000.

The estimated useful life of the equipment is 8 years, with an estimated

residual of $10,000. The entity’s reporting period ends on 30 June, and it uses

the straight-line method of depreciation. On 30 June 2022, the value in use was

estimated to be $75,000 and the fair value less costs to sell was $73,600. Based

on this data, the impairment loss to be recorded on 30 June 2022 is:

ABC Ltd purchased machinery on 1 July 2021 for

$160,000. The estimated useful life of the machinery is 8 years, with an

estimated residual of $10,000. The entity’s reporting period ends on 30 June,

and it uses the straight-line method of depreciation. On 30 June 2022, the

value in use was estimated to be $90,000 and the fair value less costs to sell

was $98,750. Based on this data, the impairment loss to be recorded on 30 June 2022

is: