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Create journal entries to account for the revaluation

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Reference no: EM132557816

Interest on Treasury securities is not taxable at the state level, whereas interest on municipal securities is not taxable at the federal level. What is the reason for this feature? An item of depreciable machinery is acquired on 1 July 2016 for $280 000. It is expected to have a useful life of 10 years and a zero-residual value (straight-line). On 1 July 2020, it is decided to revalue the asset to its fair value of $150 000.

Required:

Question 1: Provide journal entries to account for the revaluation

Reference no: EM132557816

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