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QUESTION 3 Part C Question 2 Accounting for Non-current Assets On 1 July 2018 Fraser Ltd acquired an item of equipment with an acquisition cost

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QUESTION 3 Part C Question 2 Accounting for Non-current Assets On 1 July 2018 Fraser Ltd acquired an item of equipment with an acquisition cost of $400,000. The equipment can be used for years. On 30 June 2019, the end of financial year, the fair value of the equipment was $357,000. The equipment was sold for $330,000 on 1 January 2020. Non-current asset is depreciated evenly over the useful life and has no residual value. The company uses the revaluation mode record non-current asset. The income tax rate is 30%. Ignore GST. Required: Prepare relevant journal entries to record non-current asset in 2018/2019 and 2019/2020 financial years in accordance with AASE 116 and AASB 136. (Narrations are required, tax effect entries are required.) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). TT T Arial 3 (12pt) T. Click Save and Submit to save and submit. Click Save All Answers to save all answers. QUESTION 3 Part C Question 2 Accounting for Non-current Assets On 1 July 2018 Fraser Ltd acquired an item of equipment with an acquisition cost of $400,000. The equipment can be used for years. On 30 June 2019, the end of financial year, the fair value of the equipment was $357,000. The equipment was sold for $330,000 on 1 January 2020. Non-current asset is depreciated evenly over the useful life and has no residual value. The company uses the revaluation mode record non-current asset. The income tax rate is 30%. Ignore GST. Required: Prepare relevant journal entries to record non-current asset in 2018/2019 and 2019/2020 financial years in accordance with AASE 116 and AASB 136. (Narrations are required, tax effect entries are required.) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). TT T Arial 3 (12pt) T. Click Save and Submit to save and submit. Click Save All Answers to save all answers

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