In the 01 July 2016, Samsung Ltd acquired the machine A by $1,502,000. Estimated useful life is

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Question:

In the 01 July 2016, Samsung Ltd acquired the machine A by $1,502,000. Estimated

useful life is 10 years, estimated residual value is $2,000. Company uses straight-line

method for depreciation. From 2019, Samsung Ltd measure the machine A by the

revaluation model. At 30 June 2019, machine A was revalued to $ 1,400,000. After one

year, at 30 June 2020, machine A was revalued to $1,000,000. At 30 June 2021, machine

A was revalued to $1,500,000.

Required:

Prepare the journal entries from 01 July 2016 to 30 June 2021. (using both method for

revaluation)

Posted Date: Nov 18, 2022 02:42 AM

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In the 01 July 2016, Samsung Ltd acquired the machine A by $1,502,000. Estimated useful life is

Question:

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Date July 1 2016 Equipment To record acquisition of Machine Dec 31 2016 Depreciation Expense REVALUA... View the full answer

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