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How do provide the journal entries to record the revaluation

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Reference no: EM132828024

Warren Ltd acquires a four-wheel-drive bus on 1 July 2015 for $490,000. The bus is expected to have a useful life to Warren Ltd of 7 years, after which time it will be towed out to sea and sunk to make an artificial reef for marine life(after all oils and solvents have been removed).

  • The straight-line method of depreciation is used. On 1 July 2017 the bus is revalued to $440,000 and its useful life is reassessed: it is expected, at that date, to have a remaining useful life of six years. On 1 July 2018, it is unexpectedly sold for $410,000.

REQUIRED

Problem 1: Provide the journal entries to record the revaluation on 1 July 2017 and the subsequent sale on 1 July 2018.

Reference no: EM132828024

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