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Provide journal entries to account for the revaluation

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Question - Sam Ltd purchases a depreciable machinery on 1 July 2020 for $100 000. It is expected to have a useful life of 10 years and a zero residual value. On 1 July 2024, it is decided to revalue the asset to its fair value of $ 80,000. Straight-line depreciation method is used. Provide journal entries to account for the revaluation. Show your workings and calculations.

Reference no: EM132969614

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