China Wu Yi company acquired a front loader on January 2 0 1 7 for Kshs .
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Question:
China Wu Yi company acquired a front loader on January for Kshs This construction equipment is in a class of equipment on which the company has adopted revaluation accounting. The front loader is being depreciated on a straight line basis over its year useful life. The equipment residual value is assumed to be nil at the end of its useful life due to heavy construction work.
The appraised value of the front loader approximates the carrying value at December and On December the fair value is determined to be and on December the fair value is determined to be Kshs
Required
a Prepare journal entries for each year from to marks
b For each of the year show the entries that will appear in the statement of profit loss and other comprehensive income and in the statement of financial position in relation to the asset. marks
Related Book For
An Introduction To Statistical Methods And Data Analysis
ISBN: 9781305465527
7th Edition
Authors: R. Lyman Ott, Micheal T. Longnecker
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