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What are the entries at january to record

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Problem 1: Mendelssons Ltd has a machine that has been revaluing over a number of years. The valuation as at 1 January 2012 is $130 000. The previous valuation was $145 000 and the accumulated depreciation is $40 000. The revised salvage value is $15 000 and the estimated useful life remaining is 12 years. The benefits from the machine are expected to be derived evenly over its life. In the previous year, the machine had been devalued by $15 000 and this amount written off to the income statement. What are the entries at 1 January 2012 to record the revaluation using the net method and at 31 December 2012 to record depreciation?

Reference no: EM132619129

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