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On 1 July 2018 Grant Ltd acquired an item of equipment with an acquisition cost of $590,000. The equipment can be used for 9 years. Residual value is $50,000.
On 30 June 2019, the end of financial year, the fair value of the equipment was $560,000.
The equipment was sold for $485,000 on 1 January 2020.
Non-current asset is depreciated evenly over the useful life and has no residual value. The company uses the revaluation model to record non-current asset. The income tax rate is 30%. Ignore GST.
Required:
Problem 1: Prepare relevant journal entries to record non-current asset in 2018/2019 and 2019/2020 financial years in accordance with AASB 116 and AASB 136. (Narrations are required, tax effect entries are required.)
Problem 2: Provide disclosures of the equipment at the end of 2019 and 2020.
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