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On1October 2021 Kim's Bakery acquired a new store at a cost of $650,000. The firm accounts for the store using the revaluation model and depreciates
On1October 2021 Kim's Bakery acquired a new store at a cost of $650,000. The firm accounts for the store using the revaluation model and depreciates the store over 30 years with a nil residual value. The firm assesses the fair value of the store at the following values: 30 June 2022: $710,000 30 June 2024: $410,000 No changes are made to the estimated residual value and useful life from their original levels over this period of time. Required Provide all required journal entries needed on: 1.30 June 2022; 2. 30 June 2023; 3. 30 June 2024.
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