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Question - On 1 July 2017, Regency Ltd paid $90,000 to acquire an item of machinery. On this date it was estimated that the machinery had a useful life of 5 years and a zero scrap value. Regency Ltd uses the revaluation model to measure items of property, plant and equipment and the straight-line method of depreciation.
On 30 June 2019, the fair value of the machinery was $60,000.
On 30 June 2020, the fair value of the machinery was $30,000.
On 1 July 2021, the machinery was sold for $7,000 cash.
Required -
(a) Provide appropriate journal entries to record the revaluation of the machinery on 30 June 2019 and 30 June 2020.
(b) Provide the journal entry to record the sale of the machinery on 1 July 2021.
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