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Prepare journal entries at december related to equipment

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ABC Co acquired an equipment on 1 January 1, 2018, for $ 32.000.000. ABC Co elects to value this class of equipment using revaluation accounting. This equipment is being depreciated on a straight-line basis over its 8-year useful life. There is no residual value at the end of the 8- year period. The fair value of the equipment on December 31, 2018 and 2019 is determined to be $ 26.600.000 and $ 24.000.000

Problem 1: Prepare the journal entries at December 31, 2019 related to the equipment. Show the calculations.

Reference no: EM132744483

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