An item of depreciable machinery was acquired on 1 July 2009 for $120,000 by cash It is

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An item of depreciable machinery was acquired on 1 July 2009 for $120,000 by cash It is expected to have a useful life of 10 years and zero salvage value On 1 July 2012, it was decided to revalue the asset to $110,000 The company uses straight line as method of depreciation Balance day of the company is 30 June