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Prepare general journal entries to record the transactions

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Problem - Willis Ltd purchased new machine on 1 July 2017 for $65,000 cash. Useful life is estimated to be 5 years. Willis Ltd depreciates the machine using the straight-line method and the residual value is expected to be zero. On 30 June 2018, the company adopted the revaluation model to account for the machine. An expert valuation was obtain showing that the machine had a fair value of $40,000 at that date. On 30 June 2019, the machine is revalued to its fair value of $36,000. On 30 September 2019, the machine was sold for $35,000 cash.

Prepare general journal entries to record the transactions for the period 1 July 2017 to 30 September 2019 (Willis Ltd's financial year ends on 30 June annually). Narrations are NOT required.

Reference no: EM132886692

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