Problem 1 (6 Marks) On 1 January 2015, KZ Ltd purchased equipment for a total cost of $55,000. The estimated
useful life of the equipment was 8 years, with an estimated residual value of $5,000. The
entity's reporting period ends on 30 June, and it uses straight-line depreciation. On 1 July
2017, KZ Ltd revalued the equipment upwards to reflect the fair value of $70,000. The
revised useful life was 7 years and residual value was estimated at $nil. On 1 January 2019,
KZ Ltd sold the equipment for $56,500.
Prepare the following journal entries (assuming no GST):
a) journal entries on 1 July 2017 for the revaluation of the equipment.
b) Journal entry on 30 June 2018 for the depreciation expense.
c) Journal entries on 1 January 2019 for the sale of the equipment.
Solution:
KZ'td

Steffi is reviewing various licenses and their uses. match the licenses to their respective uses.

Answer the following questions using the information below: southwestern college is planning to hold a fund raising banquet at one of the local country clubs. it has two options for the banquet: option one: crestview country club a. fixed rental cost of $1,000 b. $12 per person for food option two: tallgrass country club a. fixed rental cost of $3,000 b. $8.00 per person for food southwestern college has budgeted $1,800 for administrative and marketing expenses. it plans to hire a band which will cost another $800. tickets are expected to be $30 per person. local business supporters will donate any other items required for the event. which option has the lowest breakeven point?

Depreciation on the company's equipment for 2017 is computed to be $18,000.the prepaid insurance account had a $6,000 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains.the office supplies account had a $700 debit balance on december 31, 2016; and $3,480 of office supplies were purchased during the year. the december 31, 2017, physical count showed $300 of supplies available.two-thirds of the work related to $15,000 of cash received in advance was performed this period.the prepaid insurance account had a $6,800 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of insurance policies showed that $5,800 of coverage had expired.wage expenses of $3,200 have been incurred but are not paid as of december 31, 2017.