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An item of depreciable machinery is acquired on 1 July 2019 for $120 000. It is expected to have a useful life of 10 years

An item of depreciable machinery is acquired on 1 July 2019 for $120 000. It is expected to have a useful life of 10 years and a zero residual value. On 1 July 2023, it is decided to revalue the asset to its fair value of $110 000.

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