Question: Write journal entries and complete statement Year 1: Jan 1, year 1, UEL introduced share capital of $10,735 to buy a Machine (PPE) Straigt-line method

Write journal entries and complete statement

Year 1: Jan 1, year 1, UEL introduced share capital of $10,735 to buy a Machine (PPE) Straigt-line method of depreciation. 10 years useful life. Scrap value is nil. Year 2: Jan 1, year 2, UEL revalues the NCA amount by applying revaluation model, FV of PPE is now $14235. Year 3: Jan 1, year 3, The FV of PPE is now 7,000. Book all the entries under the light of IAS 16 and reflect the movements of all accounts related.

Statement of financial position
	YEAR 1	YEAR 2	YEAR 3
Equity
Share capital
Retained earnings
Revaluation surplus

Assets
PPE (NBV)

Notes:
PPE	YEAR 1	YEAR 2	YEAR 3
Carrying amount
Cost/revalued
Accum depre
Addition
Revaluation
Depreciation
Carrying amount
Cost/revalued
Accum depre

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