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Find and provide journal entries to account for revaluation

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Reference no: EM132826939

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?

Reference no: EM132826939

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