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Provide the journal entries for the transactions

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Reference no: EM132551960

Question 1: Provide the journal entries for the following transactions:

Point 1: On January 1, 2020, BiBiBoi acquired equipment for cash at a cost of $6,000,000. The equipment has a life of 6 years with no residual value and will be depreciated using the straight line method.

Point 2:  On March 1, 2020 the equipment was reclassified to held for sale under IFRS 5 provisions. On the same date the equipment had a fair value less cost to sell of $5,500,000.

Point 3:  On December 31, 2020 been sold for $3,200,000.

Reference no: EM132551960

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