Lily Limited acquired 100 percent of the shares of Daisy Limited on 1 January 20X7. At the date of acquisition, all assets of Daisy Limited were at fair value, other than an item of plant, which had a fair value $8,000. Daisy Limited adopts the historical cost model for measuring its plant. The original cost of this plant is $10,000 and the accumulated depreciation is $4,000. The plan is expected to have a remaining useful life of 5 years and no residual value. The tax rate is 30 percent.Lily Limited must prepare the consolidated financial statements for the financial year ended 31 December 20X7.What is the carrying amount of the plant as at 31 December 20X7 in Daisy Limited’s own financial statements?Group of answer choices$4,800$6,000$8,000$6,400

A plant asset was purchased on January 1 for $100,000 with an estimated salvage value of $20,000 at the end of its useful life. The current year's Depreciation Expense is $10,000 calculated on the straight-line basis and the balance of the Accumulated Depreciation account at the end of the year is $50,000. The remaining useful life of the plant asset isGroup of answer choices5 years.10 years.8 years.3 years.

A company sells a plant asset which originally cost $360,000 for $120,000 on December 31, 2021. The Accumulated Depreciation account had a balance of $144,000 after the current year's depreciation of $36,000 had been recorded. The company should recognize aGroup of answer choices$240,000 loss on disposal.$96,000 gain on disposal.$96,000 loss on disposal.$60,000 loss on disposal.

It is necessary to report both the cost and the accumulated depreciation of plant assets in the financial statementsGroup of answer choicesTrueFalse

Lilly went shopping with a budget of Rs. 10,000 to buy clothes, and accessories. The cost of clothes is twice the value of accessories, and there is an additional expense of Rs. 1000 for fuel. Develop an expense calculator by inputting the amount spent on accessories, then calculate and display Lilly's remaining amount rounded to two decimal places after her shopping.

Kateri Ltd sold an item of plant to its subsidiary, Patrick Ltd, on 1 January 2023 for $50. The asset had cost A Ltd $60 and had a useful life of 6 years when acquired on 1 January 2021 from an external party. The adjustment necessary on consolidation to reflect the tax effect of the depreciation adjustment for the year ended 30 June 2023 will result in an increase in: Group of answer choicesincome tax expense.deferred tax liabilities.deferred tax assets.current tax liability.