Use IFRS

In order to cut and store the grass for the winter, Happy Cow bought a huge harvester on 1 January 2014 for 300,000 CHF. The machine was measured using the cost model, and depreciated on a straight-line basis over a 10-year period. On 30 June 2018, the CHO (Chief Harvesting Officer) decided to change the basis of measuring the equipment from the cost model to the revaluation model. The harvester was revalued to 180,000 CHF with an expected useful life of 6 years (until 30 June 2024). On 31 December 2018, the harvester was assessed to have a fair value of 163,000 CHF with an expected useful life of 5 years. The tax rate is 30%. Show the CAs of the asset from 1 January 2014 to the end of the useful life. Prepare the journal entries during the period 31 December 2017 to 31 December 2018. In order to cut and store the grass for the winter, Happy Cow bought a huge harvester on 1 January 2014 for 300,000 CHF. The machine was measured using the cost model, and depreciated on a straight-line basis over a 10-year period. On 30 June 2018, the CHO (Chief Harvesting Officer) decided to change the basis of measuring the equipment from the cost model to the revaluation model. The harvester was revalued to 180,000 CHF with an expected useful life of 6 years (until 30 June 2024). On 31 December 2018, the harvester was assessed to have a fair value of 163,000 CHF with an expected useful life of 5 years. The tax rate is 30%. Show the CAs of the asset from 1 January 2014 to the end of the useful life. Prepare the journal entries during the period 31 December 2017 to 31 December 2018