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Prepare the journal entry for the machine revaluation

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Reference no: EM132531053

The company acquired Machine at 1 July 2016 at the initial cost of $1,000 with an expected useful life of 10 years and the expected residual value of $0. The company uses the straight-line depreciation for Machine. The accumulated depreciation on Machine for tax purposes was $50 at 30 June 2017.

  1. On 31 December 2016, Machine was revalued to $800 with an expected useful life of 8 years.
  2. There was no dTA nor dTL in statement of financial position for the previous year , but there is a land revaluation in 31 december 2016

land                100,000

DTL                      30,000

revalue +               70,000

the corporate tax rate is  30%

Question 1: Prepare the journal entry for the machine revaluation in 31 december 2016

 

Reference no: EM132531053

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