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What is a journal entry to record depreciation expense

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On 30 June 2019, the draft statement of financial position of West Ltd showed the following non-current assets after charging depreciation.

Building                              $550,000

Accumulated depreciation       (250,000)

                                         $300,000

Assume that the building had remaining useful life of 25 years at 1 July 2019, with zero residual value. At 30 June 2020, an independent valuer assessed the fair value of the building to be $250,000.

Required

Question i) what is a journal entry to record depreciation expense for the year ended 30 June 2020 using the straight-line method.

Question ii) what are necessary entries to revalue the building as at 30 June 2020.

Reference no: EM132553875

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