Question
Question 1 (8 marks) An item of depreciable machinery is acquired on 1 July 2015 for $400 000. It is expected to have a useful
Question 1 (8 marks)
An item of depreciable machinery is acquired on 1 July 2015 for $400 000. It is expected to have a useful life of 10 years and a zero-residual value (straight-line basis). On 1 July 2019, it is decided to revalue the asset to its fair value of $300 000.
Required
Provide journal entries to account for the revaluation
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Fundamental Accounting Principles Volume II
Authors: Larson Kermit, Jensen Tilly
14th Canadian Edition
71051570, 0-07-105150-3, 978-0071051576, 978-0-07-10515, 978-1259066511
