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| Account | Debit | Credit | |---------|-------|--------| | Building – Accumulated Depreciation | 60,000 | | | Building – Cost | | 60,000 | (To eliminate accumulated depreciation) | | | | Building – Cost (600k – 440k) | 160,000 | | | Revaluation Surplus (OCI) | | 160,000 | financial accounting 2a questions and answers pdf
a) Calculate interest expense for Year 1. b) Journal entry for first payment. c) Liability balance after Year 1 payment. Solution 2 a) Interest expense Year 1: 42,124 × 6% = $2,527 | Source | What to search | |--------|----------------|
| Account | Debit | Credit | |---------|-------|--------| | Interest expense | 2,527 | | | Lease liability | 7,473 | | | Cash | | 10,000 | | Account | Debit | Credit | |---------|-------|--------|
42,124 – 7,473 = $34,651 Topic 3: Deferred Tax (IAS 12) Question 3 A machine cost $100,000. Depreciation for accounting: 20% straight line. Tax depreciation: 40% reducing balance. Tax rate = 30%.