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Question - On 1 January 2018, Bakers Ltd acquired two identical pieces of equipment for a total cost of $540 000 plus GST. It was estimated that each item would have a useful life of 8 years and a residual value of $40 000 each. The company uses the straight-line method of depreciation and its end of reporting period is 30 June.
On 1 July 2024, the company changed its accounting policy and revalued each item of equipment upwards by a total of $60 000, based on an independent valuer's report, to fair value.
Prepare general journal entries in relation to Bakers Ltd equipment from acquisition date to revaluation date.
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Assume instead that, as of December 31, 2020, Prepare the journal entry to record the impairment at December 31, 2020, if any
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Jim came to Australia from the United States on a working holiday on 1 December 2019 when he finished college . His parents were separated , and he had been.
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