ACC204 Financial Accounting: Depreciation, Impairment Loss Analysis
VerifiedAdded on 2023/06/12
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This assignment solution covers key aspects of financial accounting, including depreciation calculation, journal entries, and impairment loss analysis. Part 1 discusses the information needed to determine depreciation for the first year of an asset's life, referencing AASB 116. Part 2 provides general journal entries related to the construction of a power plant. Part 3 applies both the percentage of completion and completed contract methods for revenue recognition in construction contracts, including journal entries for each method. Finally, Part 4 addresses impairment loss on goodwill and other assets, demonstrating the allocation of impairment losses and providing relevant journal entries. The assignment uses specific examples and calculations to illustrate these concepts.
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