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On 1 July 2 0 2 0 . GTW Lad purchased a machinery at $ 1 2 0 , 0 0 0 . GTW Ltd
On July GTW Lad purchased a machinery at $ GTW Ltd adopts the revaluation model for the machinery. The machinery is depreciated on a straightline basis over a year period with no residual value
On June the fair value of the machinery is $ and the recoverable amount is $
The machinery has years remaining useful life.
On Aume the recoverable amount of the machinery is assessed to bp $
What are the joumal entries to revalue the asset in accordance with the requirements of AASB
Property, Plant and Equipment at June
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