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A machinery has a carrying amount of $30,000 being original cost of $60,000 less accumulated depreciation of $30,000. The asset is revalued downwards to $25,000.
A machinery has a carrying amount of $30,000 being original cost of $60,000 less accumulated depreciation of $30,000. The asset is revalued downwards to $25,000. What is the appropriate entry to write the asset down to its fair value?
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heres the journal entry to record the machinery being revalued downwards to i...
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Understanding Financial Accounting
Authors: Christopher D. Burnley
3rd Canadian Edition
1119715474, 9781119715474
