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Provide the journal entries with a revaluation

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Reference no: EM132628358

MR Ltd acquires an asset for a consideration of $250 000 on 1 July 2019. The asset has an expected life of 10 years and no expected residual value. As at 1 July 2022, the asset has a fair value of $210 000. The asset is depreciated using the straight-line method.

The asset is sold for $180 000 on 30 June 2024.

Required

Problem 1: Provide the journal entries, both without and with a revaluation, for:

a) years 1 to 3

b) year 4

c) year

Reference no: EM132628358

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