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Make the necessary journal entries for the annual usage km

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Question 1: 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 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: EM132538470

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