Malibu Ltd acquired a building on 1 July 2015 at a cost of $800 000. The useful
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Malibu Ltd acquired a building on 1 July 2015 at a cost of $800 000. The useful life of the building was estimated as 20 years with no residual value. Malibu Ltd used the straight-line method of depreciation. On 30 June 2021 the estimate of the remaining useful life of the building was revised to 15 years.
REQUIRED
Prepare journal entries for depreciation of the building for the years ended 30 June 2020, 2021 and 2022, and state the carrying amount of the building at the end of each of the three reporting periods.
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Original depreciation Depreciation expense 800 00020 years 40 ...View the full answer
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