Reference no: EM132919111
Ferguson Ltd purchased a new equipment on 1 July 2018 for $800,000 cash. Useful life and residual value were estimated to be 10 years and zero, respectively. The company uses the straight-line method for depreciation and adopts the fair value model for equipment.
On 30 June 2019, an independent valuer estimated the fair value of equipment to be $855,000.
On 30 June 2020, the equipment was assessed to have a fair value of $595,000.
On 30 June 2021, there was no revaluation required.
Required:
Problem 1: Prepare the necessary general journal entries to record the transactions for the financial years ending:
(a) 30 June 2019 (i.e., from 1 July 2018 to 30 June 2019).
(b) 30 June 2020 (i.e., from 1 July 2019 to 30 June 2020).
(c) 30 June 2021 (i.e., from 1 July 2020 to 30 June 2021).
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