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Demonstrate the accounting for the equipment

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M Ltd is a firm incorporated in Singapore, with December 31 year-ends and adopts the Singapore Financial Reporting Standard. On 1 April 20X1, it purchases telecommunications equipment for $240,000 in cash. The equipment is expected to have a useful life of 6 years with no residual value. It uses the straight line depreciation method for all equipment. It also adopts the revaluation model whereby the gross carrying amount is restated proportionately to the change in the carrying amount. On 31 December 20X1, M Ltd chooses to revalue this equipment to its fair value of $220,000. At the end of 31 December 20X2, M Ltd disposed of the equipment at $180,000.

Problem 1: Demonstrate the accounting for this equipment by preparing the journal entries for the year ending 31 December 20X1 and year ending 31 December 20X2. Where rounding is required, please round your answers to the nearest number.

Reference no: EM132829827

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