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Posted: January 12th, 2023
Revaluation Model Assignment | Homework For You
On 1 July 2014, White Ltd paid $700,000 to acquire a machine that was to be used in the manufacture of furniture. On this date, management of White Ltd estimated that the machine had a useful life of ten years and a residual value of $100,000. In accordance with AASB 116 Property, Plant and Equipment, White Ltd uses the revaluation model as its accounting policy to measure items of property, plant and equipment and the straight-line method of depreciation.
The fair values of the machine for the first three years were as follows:
30 June 2015: $685,000
30 June 2016: $620,000
30 June 2017: $520,000
On 31 December 2017, White Ltd sold the machine for $500,000 cash.
Required
Based on the requirements of AASB 116 Property, Plant and Equipment, provide (where necessary) appropriate journal entries (and supporting calculations) in relation to the:
Measurement of the machine as at 30 June 2015,
Measurement of the machine as at 30 June 2016,
Measurement of the machine as at 30 June 2017, and
Sale of the machine on 31 December 2017.
Note that for any year/s that a revaluation journal entry is not required, you should explain this and provide a supporting calculation. Finance homework help
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