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Provide the journal entries for years of boiling ltd

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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.

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Problem 1: 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: EM132907520

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