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Richmond Pty Ltd constructed a Giant Machine and incurred the following costs in doingso:
For the above transactions:
Problem A. Provide the journal entries that Richmond Pty Ltd would use for the construction of the asset.
Problem B. Assume that immediately after the journal entries in part A. have been made, new information becomes available that indicates the recoverable amount of the Giant Machine is only $160,000. Provide the adjusting journal entries.
Does AASB 8 Leads to useful information to users of financial reporting standard? Or fail
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