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Prepare the journal entries during the period

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Question - In the 30 June 2019 annual report of Fiji Fruit Ltd, the machine had cost $300,000 and had a carrying amount of $180,000 as follows:

Machine (at cost) $300,000

Accumulated Depreciation ($120,000)

$180,000

The machine is measured using the cost model and depreciated on a straight-line basis over a 10-year period (no residual value).

On 31 December 2019, Fiji Fruit Ltd decided to change the basis of measuring the machine from the cost model to the revaluation model. The machine was revalued to $180,000 with an expected useful life of 6 years.

On 30 June 2020, the machine was assessed to have a fair value of $163,000 with an expected useful life of 5 years.

Required - Prepare the journal entries during the period 1 July 2019 to 30 June 2020 in relation to the machine (no narrations needed).

Reference no: EM132925572

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