Cost of machinery at 01/01/2019 Depreciation

(30)

R200 000

20% straight line with nil residual value

The company uses the revaluation model and revalues its plant on an annual basis and records the fair value adjustments. The following revaluations were performed:

Fair value 01/01/2020 Fair value 01/01/2021 Fair Value 01/01/2022

R180 000 R108 000 R88 000

The company has a 31 December year end.

Required:

Prepare the journal entries for the company since acquisition of machinery.