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Prepare Journal entries on July for the revaluation

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Question - On 1 January 2015, KZ Ltd purchased equipment for a total cost of $55,000. The estimated useful life of the equipment was 8 years, with an estimated residual value of $5,000. The entity's reporting period ends on 30 June, and it uses straight-line depreciation. On 1 July 2017, KZ Ltd revalued the equipment upwards to reflect the fair value of $70,000. The revised useful life was 7 years and residual value was estimated at $nil. On 1 January 2019, KZ Ltd sold the equipment for $56,500.

Prepare the journal entries (assuming no GST):

a) Journal entries on 1 July 2017 for the revaluation of the equipment.

b) Journal entry on 30 June 2018 for the depreciation expense.

c) Journal entries on 1 January 2019 for the sale of the equipment.

Reference no: EM132632173

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