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On 1 July 2017, Norwich Ltd paid $80,000 cash to acquire a machine. On this date it was estimated that the machine had a useful life of ten years and a residual value of $10,000. In accordance with AASB 116 Property, Plant and Equipment, Norwich Ltd uses the revaluation model as its accounting policy to measure items of property, plant and equipment and the straight-line method of depreciation. Norwich Ltd has a 30 June reporting date.
An independent valuer provided the following fair values for the machine:
Reporting date Fair value30 June 2018 $91,00030 June 2019 66,00030 June 2020 52,000
On 31 December 2020, the machine was sold for $50,000 cash.
Required
Problem 1: Prepare the journal entries to account for the events and transactions in relation to the machine between 1 July 2017 and 31 December 2020.
Financial Statement Analysis and Preparation
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