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On 1 January 2019, Li & Lo Ltd purchased a warehouse at a total cost of $160,000. The estimated useful life for the warehouse was 20 years, with a residual value of $60,000. The warehouse is depreciated using the diminishing balance method, at a rate of 10% per year.
On 1 January 2020, the warehouse was revalued increasing its value by $40,000.
LI & Lo Ltd's reporting period ends on 31 December.
Required:
Problem 1: Prepare the journal entries to record the purchase of the warehouse.
Problem 2: Prepare the adjusting journal entries at 31 December 2019 and the revaluation on 1 January 2020
Problem 3: The warehouse was sold on 30 June 2020 for $180,000. Prepare the journal entries to record the disposal of the warehouse.
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