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Prepare journal entries to record the revaluation of plant

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Reference no: EM132652403

On 1 January 2010, Nikao Ltd acquired plant for $100,000. The plant can be used for 500,000 hours after which it can be sold for $20,000.

  • By 31 December 2014 the plant had been used for 200,000 hours. It was revalued to $70,000. The residual value was revised to $30,000 with no change in the useful life of the plant. 
  • During 2015 Nikao Ltd used the plant for 120,000 hours. On 31 December 2015 the plant was revalued to $40,000. 
  • Nikao Ltd depreciates assets using the units of use method.

Required:

Question a. Prepare journal entries to record the revaluation of the plant on 31 December 2014.

Question b. Prepare journal entries to record the revaluation of the plant on 31 December 2015.

Reference no: EM132652403

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