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Make journal entries in the revaluation model

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Question - Light Company bought a machine for 300,000 on January 1, 20x8. The machine's useful life is 10 years and it is estimated to have a zero residual value and is depreciated using the straight-line method. The revalued amount of the machine is as follows:

December 31 Fair values of the machine

20x8 360,000

20x9 335,000

2x10 320,000

The enacted tax rate was 30% for each year.

Required - Make journal entries in the revaluation model?

Reference no: EM132595982

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Make journal entries in the revaluation model : Light Company bought a machine for 300,000 on January 1, 20x8. Required - Make journal entries in the revaluation model
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