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Prepare all the journal entries for the above transactions

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Question - The following information relates to Property, Plant and Equipment held by Black Limited as at 30 June 2010 financial statements:

Land - at fair value $2 500 000

Plant - at cost $1 000 000

Less Accumulated depreciation ($100 000)

900 000

There have been no additions or disposals to Land for the year, Land consist of one property in Suva. The Plant consists of 4 machines each purchased on 1 July 2009 for $250 000 with a useful life of 10 years and depreciated on a straight line basis.

On 1 January 2011, one of the machines was sold as there was excess capacity due to a downturn in the market for $200 000. The fair value of the Land was assessed to be $2 800 000 as at 30 June 2011. It was noted that there had been a prior decrement of $100 000 recorded in the previous year.

Due to a downturn in the market value the recoverable amount of the machines are now considered to be $150 000 each as at 30 June 2011.

Required: Prepare all the journal entries for the above transactions for 1 July 2010 to 30 June 2011.

Reference no: EM131912481

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