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Prepare the journal entries for the assets of William Ltd

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Question - At 1 July 2014, William Ltd acquired the following non-current assets:

Machine A Cost 100,000 Useful Life 5 years

Machine B cost 50,000 Useful Life 10 years

The firm uses the valuation model for both assets.

At 30 June 2015, the fair values of all assets were assessed. Machine A had a fair value of $110,000, and Machine B a fair value of $40 000. The remaining useful lives were assessed to be 4 years for Machine A and 4 years for Machine B.

At 30 June 2016 the fair values of Machine A and Machine B were reassessed. Machine A had a fair value of $80,000, and Machine B a fair value of $34, 000.

Required - Prepare the journal entries for the assets of William Ltd for the years ending 30 June 2015 and 2016. Assume a tax rate of 30%.

Reference no: EM132524816

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