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Prepare general journal entry to recor transactions for july

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Reference no: EM132667058

On 1 July 2014 NSW Ltd purchased manufacturing equipment for 805,000 cash. In addition, NSW Ltd paid $200 freight charges and $300 installation fee. The equipment is expected to have a useful life of 10 years with a residual value of $5,000 and is depreciated using the straight-line method. NSW Ltd uses the revaluation model to value the equipment every two years. The financial year for NSW Ltd is 1 July to 30 June.

  • On 1 July 2016 an independent valuer estimate that the fair value of the equipment was $590,000. The residual amount is expected to be $5,000 with a remaining useful life of 5 years.
  • The business decided to use another valuation agency in 2018. The valuer estimated the value of the equipment to be $400,000 on 1 July 2018.

Required:

Problem 1: Prepare general journal entries to record the above transactions from 1 July 2014 to 1 July 2018. Narrations are NOT required.

Reference no: EM132667058

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