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Madalena Ltd . purchased three machines on 1 5 July 2 0 2 3 on credit. The bank asked for a yearly interest payment of
Madalena Ltd purchased three machines on July on credit. The bank asked for a yearly interest payment of In this purchase, GST of is included. Machines A B and C cost and of the total amount of $ These machines are depreciated using a straightline method and their useful lives are and years, respectively. Soon after the purchase, Madalena Ltd decided to keep these machines under the revaluation model.
On that date, Madalena Ltd received the following information about the fair values:
Machine A:
Machine B:
Machine C:
Some months later, the fair values of these machines changed, these were collected on Oct:
Machine A:
Machine B:
Machine C:
Before the end of the financial year, these are the new fair values:
Machine A:
Machine B:
Machine C:
Note that the useful lives of these assets have not changed since their purchase.
Required: Prepare the relevant journal entries from July until the end of the financial year.
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