Corvette the leading car manufacturingcompany acquired a

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Reference no: EM13615873

Corvette the leading car manufacturingcompany acquired a machine for Rs.125,000 on Jan 1, 2004: estimatedlife was 8 years. Depreciation is charged on straight line method.On Jan 1, 2009: the machine was revalued at Rs.70,000.Apart fromrecording revaluation entry, no other entries have beenpassed

Required:

1. Calculate the value of depreciation expense and pass journal entryin accordance with IAS-16

2. Calculate the value of revaluation surplus and pass journal entryin accordance with IAS-16

Reference no: EM13615873

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