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Cars and Trucks Limited Owns an Engine Testing Machine Which

Question 19

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Cars and Trucks Limited owns an engine testing machine which was purchased for $120,000.After 3 years of use the machine had accumulated depreciation of $58,560 but was revalued to $80,000.Two years later the machine was sold for $60,000 and had accumulated depreciation at the time of sale of $36,800.What journal entries would be required to record the sale of the machine in accordance with AASB 116 requirements?


A) Cars and Trucks Limited owns an engine testing machine which was purchased for $120,000.After 3 years of use the machine had accumulated depreciation of $58,560 but was revalued to $80,000.Two years later the machine was sold for $60,000 and had accumulated depreciation at the time of sale of $36,800.What journal entries would be required to record the sale of the machine in accordance with AASB 116 requirements? A) B) C) D) E) None of the given answers.
B) Cars and Trucks Limited owns an engine testing machine which was purchased for $120,000.After 3 years of use the machine had accumulated depreciation of $58,560 but was revalued to $80,000.Two years later the machine was sold for $60,000 and had accumulated depreciation at the time of sale of $36,800.What journal entries would be required to record the sale of the machine in accordance with AASB 116 requirements? A) B) C) D) E) None of the given answers.
C) Cars and Trucks Limited owns an engine testing machine which was purchased for $120,000.After 3 years of use the machine had accumulated depreciation of $58,560 but was revalued to $80,000.Two years later the machine was sold for $60,000 and had accumulated depreciation at the time of sale of $36,800.What journal entries would be required to record the sale of the machine in accordance with AASB 116 requirements? A) B) C) D) E) None of the given answers.
D) Cars and Trucks Limited owns an engine testing machine which was purchased for $120,000.After 3 years of use the machine had accumulated depreciation of $58,560 but was revalued to $80,000.Two years later the machine was sold for $60,000 and had accumulated depreciation at the time of sale of $36,800.What journal entries would be required to record the sale of the machine in accordance with AASB 116 requirements? A) B) C) D) E) None of the given answers.
E) None of the given answers.

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