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Provide appropriate journal entries to record revaluations

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Reference no: EM132637297

Redding ltd acquired a piece of machinery for $30 million on 30 June 2016. The machinery has a useful life of 15 years and is to be depreciated over that period. Three years later, the machinery was revalued to its fair value of $26 million in accordance with the provisions of AASB 116 . Two years later the machinery is revalued to $20 million as the market value of the machinery declined during that time.

Problem 1: Provide the appropriate journal entries to record the revaluations on 30th June 2019 and 30 June 2021.

Reference no: EM132637297

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