Recommended time to complete: 15 minutes On 1 July 2019, Miranda Ltd purchased a motor vehicle...

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Recommended time to complete: 15 minutes On 1 July 2019, Miranda Ltd purchased a motor vehicle at a cost of $155,000. The motor vehicle has a useful life of 5 years with an expected residual value $5,000 and is depreciated on the straight-line basis. At 30 June 2020, the motor vehicle was recorded as follows after charging depreciation but prior to revaluation: Motor vehicle Accumulated $155,000 (30,000) depreciation Carrying amount $125,000 Under AASB 116: Property, Plant and Equipment, Miranda Ltd adopted fair value for the valuation of motor vehicle after initial recognition. An independent valuer assessed the fair value of the motor vehicle to be $132,000 at 30 June 2020. Miranda Ltd uses 30 June year-end balance date. 4 Required: Note: include all workings, narrations are not required and ignore tax. (a) Prepare journal entries to revalue the motor vehicle at 30 June 2020 (8 marks); and (b) Prepare journal entries to depreciate the motor vehicle at 30 June 2021 assuming that there has been no revaluation movements and no impairment losses for the motor vehicle during the financial year ended 30 June 2021 (4 marks). In your answer it is advisable to build a table with headings. Below is a suggested form of presentation. Use the table tool to build the table and enter your answer into the table. Additional lines maybe required. Workings can be included above the table. Date Particulars Debit $ autoproctoru.com is sharing your screen Stop sharing Hide Credit $ Recommended time to complete: 15 minutes On 1 July 2019, Miranda Ltd purchased a motor vehicle at a cost of $155,000. The motor vehicle has a useful life of 5 years with an expected residual value $5,000 and is depreciated on the straight-line basis. At 30 June 2020, the motor vehicle was recorded as follows after charging depreciation but prior to revaluation: Motor vehicle Accumulated $155,000 (30,000) depreciation Carrying amount $125,000 Under AASB 116: Property, Plant and Equipment, Miranda Ltd adopted fair value for the valuation of motor vehicle after initial recognition. An independent valuer assessed the fair value of the motor vehicle to be $132,000 at 30 June 2020. Miranda Ltd uses 30 June year-end balance date. 4 Required: Note: include all workings, narrations are not required and ignore tax. (a) Prepare journal entries to revalue the motor vehicle at 30 June 2020 (8 marks); and (b) Prepare journal entries to depreciate the motor vehicle at 30 June 2021 assuming that there has been no revaluation movements and no impairment losses for the motor vehicle during the financial year ended 30 June 2021 (4 marks). In your answer it is advisable to build a table with headings. Below is a suggested form of presentation. Use the table tool to build the table and enter your answer into the table. Additional lines maybe required. Workings can be included above the table. Date Particulars Debit $ autoproctoru.com is sharing your screen Stop sharing Hide Credit $