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An item of depreciable machinery is acquired on 1 July 2016 for $280 000. It is expected to have a useful life of 10 years and a zero-residual value (straight-line). On 1 July 2020, it is decided to revalue the asset to its fair value of $150 000.
Required:
Question 1: Provide journal entries to account for the revaluation.
The equipment cost $410000 and had an expected salvage value of $45000. The life of the equipment estimated to be 5 years. What depreciable cost of equipment.
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