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Prepare the journal entries for john traders

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Reference no: EM132515011

Question - John Traders purchased machinery on the 01/01/2016 for R120 000. Installation fees is R30 000.The machinery has a nil residual value. Depreciation is 25% per annum based on the cost method. John Traders uses the Revaluation model for PPE.

Fair values of the machinery are as follows:

31/12/2016 R90 000

31/12/2017 R120 000

31/12/2018 R100 000

Required - Prepare the journal entries for John Traders from 2016 year to 2018 year.

Reference no: EM132515011

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