A machinery has a carrying amount of $30,000 being original cost of $60,000 less accumulated depreciation of

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A machinery has a carrying amount of $30,000 being original cost of $60,000 less accumulated depreciation of $30,000. The asset is revalued downwards to $25,000. What is the appropriate entry to write the asset down to its fair value?

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Understanding Financial Accounting

ISBN: 9781119715474

3rd Canadian Edition

Authors: Christopher D. Burnley

Posted Date: Mar 17, 2024 10:46 PM

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A machinery has a carrying amount of $30,000 being original cost of $60,000 less accumulated depreciation of

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heres the journal entry to record the machinery being revalued downwards to i... View the full answer

Understanding Financial Accounting

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