Fitzgibbons Ltd has an item of machinery that cost $1 200 000 and has accumulated depreciation of
Question:
Fitzgibbons Ltd has an item of machinery that cost $1 200 000 and has accumulated depreciation of $400 000. The company decides to switch to a revaluation model for machinery. The fair value of the item of machinery is $1100 000 and the tax rate is 30 percent.
REQUIRED
Provide the journal entries to perform the revaluation.
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Prior to the revaluation the carrying amount of the machinery is 800 000 The fair value is assessed ...View the full answer
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