Provide the journal entries for both years

Reference no: EM132970685

Question: Boiling Ltd owns machinery, acquired in 2021. The machinery cost $250 000. Valuations of the machinery are undertaken by an independent valuer on 30 June 2022 and 30 June 2024. The machinery is revalued to $ 210 000 on 30 June 2022 and revalued to $ 290 000 on 30 June 2024.

Required

Assuming asset revaluation was undertaken for the machinery in both 2022 and 2024, provide the journal entries for both years. (Shows working and calculation)

Reference no: EM132970685

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