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Question - On 1 July 2014 NSW Ltd purchased manufacturing equipment for 705,000 cash. In addition, NSW Ltd paid $500 freight charges and $300 installation fee. The equipment is expected to have a useful life of 10 years with a residual value of $5,000 and is depreciated using the straight-line method. NSW Ltd uses the revaluation model to value the equipment every two years. The financial year for NSW Ltd is from 1 July to 30 June.
On 1 July 2016 an independent valuer estimate that the fair value of the equipment was $500,000. The residual amount is expected to be zero with a remaining useful life of 5 years.
The business decided to use another valuation agency in 2018. The valuer estimated the value of the equipment to be $400,000 on 1 July 2018.
Required -
1. Prepare general journal entries to record the above transactions from 1 July 2014 to 1 July 2018. Narrations are NOT required.
2. Show the relevant assets section of the statement of financial position in relation to the equipment as at 30 June 2018.
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