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Question 2 (7 marks) ABC Ltd acquired some machinery at a cost of $200 000 on 1 July 2017. On 30 June 2018, the machinery,

Question 2 (7 marks)

ABC Ltd acquired some machinery at a cost of $200 000 on 1 July 2017. On 30 June 2018,

the machinery, which has an accumulated depreciation balance of $30 000, is assessed as having a fair value equal to $150 000. ABC Ltd measures machinery at fair value.

Required:

Provide the journal entries to reflect the revaluation decrement ( 7 marks)

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