Question: Assume a client uses IFRS reporting and has a machine that costs $100,000 on 1/1/2021. Depreciation is 10% per year with no salvage value. The

Assume a client uses IFRS reporting and has a machine that costs $100,000 on 1/1/2021. Depreciation is 10% per year with no salvage value. The fair value is: $180,000 on 1/1/2022 $60,000 on 1/1/2023 $77,000 on 1/1/2024 $120,000 on 1/1/2025 The companys policy is to transfer the realized portion of the revaluation surplus to retained earnings as the asset is used.

Required: Prepare a schedule that shows the statement of financial position and ledger accounts for each year ending December 31, 2021 to 2025. Prepare the assets account as a net carrying amount (do not separate cost and accumulated depreciation accounts).

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