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Maple Ltd purchased a property on 1 July 2018, costing $700,000, and commenced depreciation over 50 years. On 1 July 2020, the property was revalued to $960,000, and depreciation continued over the remaining useful life. On 30 June 2021, as a result of fire damage, the property was impaired with a recoverable amount of $600,000.
Required:
Problem 1: Prepare all the journal entries required for 30 June 2019, 30 June 2020, and 30 June 2021. Ignore the tax effect.
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