Question
ABC Ltd acquired some machinery at a cost of $200 000 on 1 July 2017. On 30 June 2018, the machinery, which has an accumulated
ABC Ltd acquired some machinery at a cost of $200 000 on 1 July 2017. On 30 June 2018,
the machinery, which has an accumulated depreciation balance of $30 000, is assessed as having a fair value equal to $150 000. ABC Ltd measures machinery at fair value.
Required:
Provide the journal entries to reflect the revaluation decrement ( 7 marks)
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Financial accounting
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
IFRS Edition
9781119153726, 978-1118285909
