Surguy Ltd has disclosed the following noncurrent asset classes as at 30 June 2019. At 1 July

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Surguy Ltd has disclosed the following non‐current asset classes as at 30 June 2019.

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At 1 July 2019, the directors of Surguy Ltd decide to adopt the revaluation model and revalue the non‐current asset classes to the following fair values.

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Required

Prepare general journal entries to record the revaluations, including any closing entries at the end of the reporting period.

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Financial Accounting

ISBN: 9780730363217

10th Edition

Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie, Andreas Hellmann, Jodie Maxfield

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Question Posted: Mar 09, 2024 06:04 AM

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Surguy Ltd has disclosed the following noncurrent asset classes as at 30 June 2019. At 1 July

Question:

Machinery Less: Accumulated depreciation Buildings Less: Accumulated depreciation $420 000 180 000 $240000 800 000 240 000 560 000

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Financial Accounting

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