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Scoop is a main "crew" in Bob the Builder and it was purchased on January 1, Year 10 for $100,000. [Please use "equipment" account for "Scoop" in your journal entry.] Bob has been depreciating Scoop on a straight-line basis over a 25-year period with zero residual value. The appraisal carried out on December, Year 14 determined that the fair value of scoop was 72000 and the appraisal carried out on December, Year 19 determined that the fair value of scoop was 67500 . Bob adopts revaluation model for Scoop and he uses proportional method. Please note that Bob makes the revaluation-related journal entry after he records depreciation expense as in your lecture note example. Also note that Bob does not adopt any partial-year depreciation. Have fun!
Question 1) Make the journal entry that reflects the revaluation on December, Year 14.
Question 2) Prepare the journal entry that reflects the revaluation on December, Year 19.
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