The adjusted trial balance of ABC Ltd at 30 June 2010 showed the following non-current assets:

Land (at fair value) $234,000

Building (at fair value) 145,000

Trucks (at cost) 118,000

Accumulated depreciation (trucks) (26,500)

The land and building were purchased on 31 October 2009. The land cost $240,000 and the building cost $150,000. As ABC Ltds owner decided to measure these assets using the revaluation model, the land and building were both revalued to its fair values on 30 June 2010. No revision to the building depreciation rate was considered necessary. It is depreciated at 15% per annum on the reducing balance. Details of trucks owned by ABC at 30 June 2010 were as follows:

Truck Date acquired Cost Accumulated depreciation Estimated useful life Estimated residual value

1 31/12/08 $57,000 $10,500 7 years $8,000

2 30/06/08 $61,000 $16,000 7 years $5,000

The trucks are depreciated using the straight-line method. The tax rate is 30%. Transactions and events for the year ended 30 June 2011 were as follows:

30/09/10 Extensive repairs were carried out on truck 2 at a cash cost of $7,000. ABC Ltd expected these repairs to extend truck 2 useful life by 3 years and to increase truck 2s estimated residual value to $9,000. 31/03/11 Truck 1 was traded in on a new truck (Truck 3) that cost $47,000. A trade-in of $24,000 was allowed for Truck 1 and the balance was paid in cash. An additional $5,000 was paid to register Truck 3 and install interior shelving. Truck 3s useful life and residual value were estimated at 6 years and $4,000. 30/06/11 The lands fair value was assessed at $242,000. The buildings fair value was assessed at $115,000.

Required (Show all workings)

Prepare general journal entries to record the above events, and depreciation for the year ended 30 June 2011. Narrations are not required. Financial accounting.