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Prepare the necessary general journal entries

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Question - On 1 July, 2016, Ozzy Ltd took a loan to purchase two identical new trucks at a total cost of $800,000 plus 10% GST. It was estimated that the trucks would have a useful life of 10 years and a residual value of $150,000 each.

On 1 July, 2018 the company revalued the trucks upwards by $65,000 each and assessed that the trucks would last 2 more years but the residual value would remain the same. On 31 December, 2018 one of the trucks were sold for $450 000 plus 10% GST.

Ozzy Ltd uses the straight-line method of depreciation for all of its non-current assets.

The company's reporting date is 30 June.

REQUIRED - Prepare the necessary general journal entries as at:

i. 1 July, 2016

ii. 30 June, 2018

iii. 1 July, 2018

iv. 31st December, 2018

Reference no: EM132538731

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