Manufacturer and Supplier of Electronic and Computer Devices Assignment
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Manufacturer and Supplier of Electronic and Computer Devices Assignment
Top Electronic Bhd is a manufacturer and supplier of electronic and computer devices. It operates in Kulim Hi-Tech, Kedah. The company closes its account on every 31 December.
The company has a piece of land which acquired in 2017 for RM700,000 and a factory that was built in early 2018 at a cost of RM1,250,000.
Since the outbreak of Covid-19, there has been a boom of demand for electronic and computer devices. The company decided to construct a new office building on 1 May 2019 and the construction is expected to complete on 31 December 2020.
The company obtained a 3-year term loan of RM500,000 with 5% interest rate from Megah Bank on 1 July 2019 to finance the construction of the office building. The following expenditures were incurred during the construction period:
Date RM
1 May 2019 270,000
3 July 2019 150,00029 September 2019 450,000
2 Mac 2020 75,000
1 June 2020 120,000
30 November 2020 150,000In addition, Top Electronic has other outstanding loans:
I. 5-year note payable of RM800,000, with an interest rate of 12% per annum dated 1 October 2018; and
ii. 10-year, 10% bond payable of RM1,500,000 dated 1 January 2019.At the end of every year, the company will conduct an impairment test if there is an indication of impairment for the land and factory. In 2019, the factory fair value was RM950,000 and the estimated selling cost to be was 5% of its fair value. In addition, the present value of future net cash flow from the factory was RM910,000.
Then, the revalued amount of the factory for the year ended 31 December 2020 was RM900,000. For the land, the revalued amount for the year ended 31 December 2019 was RM500,000. In the following year, the price of the land was increased to RM850,000 due to the announcement that the government will build a new international airport near to the land.
Moreover, in the middle of 2019, the government has offered the company RM450,000 grant to buy a new machine to support the production of electronic appliances. The new machine cost was RM750,000 with a useful life of 6 years. After 12 months of used, the machine broke down and the company spent RM80,000 to repair the machine. The repair involved an installation of a new software that is expected to increase the useful life and the efficiency of the machine.
Additional information:
1. Top Electronic Bhd closes its account on every 31 December.
2. The useful life of the factory building is 15 years, and Top Electronic Bhd uses the sum-of-the-years digits (SYD) method to record the depreciation.
3. Top Electronic Bhd adopts a revaluation model to account for its factory and land. The land is revalued every year, but the factory is revalued every three year.REQUIRED: (Round your answer to the whole number)
(d) Prepare the journal entries to record the revaluation of land in 2019 and 2020.(e) Discuss the accounting treatments and the effect for each accounting treatment to the company’s financial statements on the government grant that has been received by Top Electronic Bhd.
(f) Discuss the accounting treatment for the cost of repairing the machine as stated in paragraph 12 to paragraph 14 MFRS 116 Property, Plant and Equipment.
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
CLICK ON THE LINK HERE: https://www.perfectacademic.com/orders/ordernow
Also, you can place the order at www.collegepaper.us/orders/ordernow / www.phdwriters.us/orders/ordernow
Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME]and Have It Done by Our PhD Qualified Writers!!