Sunshine Ltd purchased Machine A on 1 July 20X2 at a cost of $450,000. The machine...

 

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Sunshine Ltd purchased Machine A on 1 July 20X2 at a cost of $450,000. The machine has an expected useful life of 10 years, with a residual value of nil. The straight-line method of depreciation is adopted by Sunshine Ltd. Sunshine Ltd accounts for the machine using the revaluation method as specified in AASB 116: Property Plant and Equipment. At 30 June 20X4 Machine A was revalued to a fair value of $305,000. At that date, the residual value for Machine A was nil and it had a useful life of 7 years. At 31 December 20X4 Machine A was revalued to a fair value of $361,000. The income tax rate is 30%. The financial reporting period of Sunshine Ltd ends on 30 June each year. Required: Write in the box below the balance of the Asset Revaluation Surplus account at 31 December 20X4. Do not write any dollar signs, negative signs, brackets or spaces in your answer. Sunshine Ltd purchased Machine A on 1 July 20X2 at a cost of $450,000. The machine has an expected useful life of 10 years, with a residual value of nil. The straight-line method of depreciation is adopted by Sunshine Ltd. Sunshine Ltd accounts for the machine using the revaluation method as specified in AASB 116: Property Plant and Equipment. At 30 June 20X4 Machine A was revalued to a fair value of $305,000. At that date, the residual value for Machine A was nil and it had a useful life of 7 years. At 31 December 20X4 Machine A was revalued to a fair value of $361,000. The income tax rate is 30%. The financial reporting period of Sunshine Ltd ends on 30 June each year. Required: Write in the box below the balance of the Asset Revaluation Surplus account at 31 December 20X4. Do not write any dollar signs, negative signs, brackets or spaces in your answer.

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Value of Machine as on 010720X2 361000 3... View the full answer