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Prepare journal entries required to record transactions

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Question - Vivaldi had the following non-current asset balances in their general ledger at 31 December 2021.

Motor Vehicle at cost $33,000

Land at cost 150,000

The following transactions occurred during 2022.

June 30 Sold the motor vehicle that was purchased on 1 January 2019 for $33,000. It has a useful life of 6 years with no residual value. The vehicle was sold for $15,000 cash.

July 1 Revalued land held at cost of $150,000 to its fair value of $170,000.

Dec 31 The fair value of the land $170,000 has fallen due to a re-zoning of the area. Vivaldi Ltd decides to revalue the land to its revised fair value of $135,000.

Required - Prepare the general journal entries required to record the transactions that occurred during 2022. Assume depreciation has been recorded up to 31 December 2021. Mozart Ltd uses straight-line depreciation.

Reference no: EM133173336

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