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Prepare the journal entry at the end

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Question - On 30 June 2020, Blaze Berhad purchased equipment for RM350,000. The equipment is expected to have a seven-year useful life with no residual value. Blaze Berhad uses the straight- line depreciation method for all depreciable assets. On 31 December 2020, the end of the company's fiscal year, Blaze Berhad chooses to revalue the machinery to its fair value of RM299,000.

Required -

i) With reference to the Conceptual Framework and MFRS116 Property, Plant & Equipment, define Asset and Property, Plant & Equipment.

ii) Calculate depreciation for 2020.

iii) Prepare the journal entry at the end of 2020 to record the revaluation of the equipment.

iv) Calculate depreciation for 2021.

v) Assuming that the fair value of the equipment at the end of 2020 is RM338,000. Prepare the journal entry at the end of 2020 to record the revaluation of the equipment.

Reference no: EM133094819

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