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Assignment Question(s):
Q1. A company’s property records revealed the following information about its plant assets: Machine No.
Cost
Salvage Value
Purchase Date
Depreciation Method and Estimate Life
1
24,000 SAR
4,000 SAR
1/1/2023
Straight-line (4 years)
2
30,000 SAR
1,500 SAR
1/1/2023
Double-declining-balance (5 years)
Calculate the depreciation expense for each machine for the year ended December 31, 2023, and for the year ended December 31, 2024.
Q2. What are the classes of liabilities and provide some examples?
Q3. On 06 Jan 2024, Aramco declared to distribute 1.5 SAR per share as a cash dividend. The common shares outstanding for Aramco is 3,000,000 shares. The dividend will be paid on 08 April 2024 to stockholders of record on 14 March 2024.
Prepare the company’s journal entries for cash dividend.
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