Reference no: EM132538015
Question - On 1 January, 2014, Highland Limited acquired two identical excavating machines for a total cost of $240,000 plus GST (10%) for cash. The useful life for each machine was estimated to be 15 years and a residual value of $30,000 each. The company uses the straight line method of depreciation and its end of reporting period is 30 June.
On 1 July, 2018, the company did an overhaul on both machines at a total cost of $20,000, after which the estimated useful life of both machines will be extended by an additional 2 years. There will be no effect on the residual value of both machines.
On 1 July, 2020, the company changed its accounting policy from the cost model to the revaluation model and the independent valuer revalued each item of machinery to its new fair value of $95,000. There was no need to revise useful lives or residual amounts. On 31 December, 2021, one of the excavating machines was sold for $82,000 cash plus GST.
Required - Prepare entries (in general journal format) in relation to the equipment from acquisition date to 31 December, 2021.
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