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Prepare the journal entry required on december

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On January 1, 2017, Givin Ltd. acquires machine at a cost of $315,000. The machine is expected to have a 20-year life and no residual value and depreciation is recorded each year-end, using straight-line method. The asset is accounted for under the revaluation model, using the asset adjustment method. Revaluations are carried out every two years. On December 31, 2019, the fair value of the machine is appraised at $290,250, and on December 31, 2021, its fair value is $247,500. Givin Ltd. applies IFRS.

REQUIRED: Show all calculations and round to the nearest dollar.

Problem a) Prepare the journal entry(ies) required on December 31, 2019, revaluation.

Problem b) Prepare the journal entry(ies) required on December 31, 2020, deprecation.

Problem c) Prepare the journal entry(ies) required on December 31, 2021, revaluation.

Reference no: EM132787480

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