Question
In the 01 July 2016, Samsung Ltd acquired the machine A by $1,502,000. Estimated useful life is 10 years, estimated residual value is $2,000. Company
In the 01 July 2016, Samsung Ltd acquired the machine A by $1,502,000. Estimated
useful life is 10 years, estimated residual value is $2,000. Company uses straight-line
method for depreciation. From 2019, Samsung Ltd measure the machine A by the
revaluation model. At 30 June 2019, machine A was revalued to $ 1,400,000. After one
year, at 30 June 2020, machine A was revalued to $1,000,000. At 30 June 2021, machine
A was revalued to $1,500,000.
Required:
Prepare the journal entries from 01 July 2016 to 30 June 2021. (using both method for
revaluation)
Step by Step Solution
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Step: 1
Date July 1 2016 Equipment To record acquisition of Machine Dec 31 2016 Depreciation Expense REVALUA...
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
13th Edition
9780470374948, 470423684, 470374942, 978-0470423684
