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Point 1: On 1 July 2018 Fraser Ltd acquired an item of equipment with the acquisition cost of $630,000. The equipment can be used for 9 years.
Point 2: On 30 June 2019, the end of financial year, the fair value of the equipment was $576,000. The equipment was sold for $580,000 on 1 January 2020.
Point 3: Non-current assets are depreciated evenly over the useful life and has no residual value. The company uses the revaluation model to record the equipment. The income tax rate is 30%. Ignore GST.
Required:
Question a) Create relevant journal entries to record transactions for non-current asset in 2018/2019 and 2019/2020 financial years in accordance with AASB 116 and AASB 136. (Narrations are required, tax effect entries are required.)
Question b) Should a revaluation increment be included as part of profit or loss? Explain.
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