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Katrin Ltd. has a machinery with a carrying amount of E300 000 (accumulated depreciation being $50 000). The asset had cost E150 000. The machinery was revalued upwards from E130 000. with the following acounting entries were passed:
Dr Accumulated Depreciation 20 000
Dr Land 150 000
Cr Deferred Tax Liability 81 000
Cr Asset Revaluation Reserve 89 000
Question 1: What are the appropriate accounting entries. if the machinery is now assessed as having a fair I value of E240 000? The tax rate is 30%.
Question 2: How should prepare the journal entries and also with the tax rate of 30%?
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