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On 1 July 2011, Warren Ltd purchased equipment for a total cost of $180,000. The estimated useful life of the equipment was 10 years, with an estimated residual value of $20,000. The entity's reporting period ends on 30 June, and it uses straight line depreciation. On 1 July 2012, the entity revalued the equipment to $180,000 to reflect its fair value. The revised useful life was 6 years and residual value was estimated at $15,000. In 1 January 2014, Warren Ltd revalued the equipment downwards by $25,000 to reflect the fair value. There will be no change to the residual value or useful life.
Required:
Problem a) Provide the journal entries from the 1 July 2011 to the 30 June 2014.
Problem b) Show how the equipment will be recorded in the financial reports at 30 June 2014.
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