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Prepare the journal entries in relation to the equipment

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Question - On 1 January 2018, Walli Ltd purchased equipment for a total cost of $55,016 paying cash. 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 2018, Walli 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 to be nil. On 1 January 2020, Walli Ltd sold the equipment for $52,000. Walli Ltd is not registered for GST.

Required - Prepare the journal entries in relation to the equipment from the date of acquisition to the date of disposal.

Reference no: EM132562492

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