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Prepare general journal entries to account the equipment

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Reference no: EM132011198

QUESTION - On 1 July 2011, Aaron Ltd purchased equipment for $4,000,000. The company uses the revaluation model to account for equipment and depreciates it over its estimated useful life of 4 years using the straight line method with a zero residual. Indicators of impairment and/or reversal of impairment existed at 30 June 2012, 2013 and 2014.

The information below shows the asset values at various dates.

Date

Fair Value

Cost to Sell

Value in Use

30/06/2012

2,910,000

50,000

2,950,000

30/06/2013

1,940,000

80,000

1,880,000

30/06/2014

1,140,000

40,000

1,160,000

Prepare general journal entries to account the equipment from 1 July 2011 to 30 June 2014 in accordance with the requirements of AASB 116 and AASB 136. Please show all workings.

Reference no: EM132011198

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