Reference no: EM132829567
Question - At 30 June 2020, equipment with a cost of $200,000 and accumulated depreciation to date of $112,000 is re-valued to $100,000. There is no difference in estimated remaining useful life of the equipment for tax and accounting purposes and at the date of revaluation the remaining useful life is 2 years. The equipment is being depreciated on a straight-line basis, with no residual value. Required: Assuming a tax rate of 30%.
(a) Prepare journals entries for the revaluation at 30 June 2020.
(b) As at 30 June 2020, determine the balance of the revaluation surplus account and the balance of any deferred tax asset or liability.
(c) Prepare journals entries for the year ending 30 June 2021.
(d) as at 30 June 2021, determine the balance of the revaluation surplus account and the balance of any deferred tax asset or liability.
(e) Prepare journals entries for the year ending 30 June 2022.
(f) As at 30 June 2022, determine the balance of the revaluation surplus account and the balance of any deferred tax asset or liability.
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