Surguy Ltd has disclosed the following non-current asset classes as at 30 June 2016: Machinery Less: Accumulated
Question:
Surguy Ltd has disclosed the following non-current asset classes as at 30 June 2016:
Machinery Less: Accumulated depreciation | $420000 180000 | $240000 | ||
Buildings Less: Accumulated depreciation | $800000 240000 | $560000 |
At 1 July 2016, the directors of Surguy Ltd decide to adopt the revaluation model and revalue the non-current asset classes to the following fair values:
Machinery Buildings | $ 200000 720000 |
Required
Prepare general journal entries to record the revaluations, including any closing entries at the end of the reporting period.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
2016 July 1 Accumulated Depreciation Machinery 180 000 Expense on Revaluation ...View the full answer
Answered By
Nimlord Kingori
2023 is my 7th year in academic writing, I have grown to be that tutor who will help raise your grade and better your GPA. At a fraction of the cost on other sites, I will work on your assignment by taking it as mine. I give it all the attention it deserves and ensures you get the grade that I promise. I am well versed in business-related subjects, information technology, Nursing, history, poetry, and statistics. Some software's that I have access to are SPSS and NVIVO. I kindly encourage you to try me; I may be all that you have been seeking, thank you.
360+ Reviews
1070+ Question Solved
Related Book For 
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
Question Posted:
