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An item of depreciable machinery is acquired on 1st July, 2016 for $270 000. It is expected to have a useful life of 10 years and a zero-residual value (straight-line). On the 1st July, 2020, it is decided to revalue the asset to its fair value of $140 000.
Required:
Problem (a) Provide journal entries to account for the revaluation
Problem (b) when you think the revaluation increment should be included as part of the profit or loss?
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part inbsppresented below are the trial balance and the other information related to josephine gray a tax consultant.1.
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