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Prepare the journal entries during the period

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Reference no: EM133026933

Question - In the 30 June 2020 Plant (at cost) 500,000 Accumulated Depreciation (150,000) 350,000 annual report of Sydney Ltd reported the following:

Plants are measured using the cost model, and depreciated on a straight-line basis over a 10-year period. At 30 June 2020, Plant was assessed to have a fair value of $360,000 with an expected useful life of 6 years. At 30 June 2021, Plant was assessed to have a fair value of $250,000.

Required - Prepare the journal entries during the period 30 June 2020 to 30 June 2021 in relation to the Plant.

Reference no: EM133026933

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