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Make the necessary journal entries for seul co

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Reference no: EM132580593

Seul Co. purchased a truck for 250.000 $ on 1 January 2015. The company estimated the useful life 200.000 km, and residual value 50.000 $. The company uses the revaluation model for trucks.

The annual usage km and fair values are given below

Question 1: make the necessary journal entries.

Date Km            Fair            Value

31.12.2015         40.000    190.000 $

31.12.2016         50.000      180.000 $

Reference no: EM132580593

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