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Prepare the journal entry to record the revaluation

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Quetion :

Barton ENTERPRISES PURCHASE d Equipment on January 1, 2014, at a Cost of $350,000. Barton USES the Straight- line depreciation method , a 5-year Estimated useful life , and now residual value . At the End of 2014, independent appraisers determined that the assets have a fair value Of $3 20, 000.

(a) Prepare the journal entry to record 2017 depreciation using the straight-line method.

(b) Prepare the journal entry to record the revaluation of the equipment.

(c) Prepare the journal entry to record 2018 depreciation, assuming no additional revaluation.

Reference no: EM132315454

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