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Prepare the necessary journal entries for the years ending

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Reference no: EM132508444

Point 1: Addie Ltd acquires a motor vehicle on 1 July 2018 for $96,000. The useful life and residual value of the motor vehicle is estimated to be five years and $16,000 respectively. The directors elect to depreciate motor vehicles on a straight-line basis and the class of motor vehicles is measured using fair value.

Point 2: At 30 June 2019, the directors of Addie Ltd determined that the fair value of this motor vehicle is $84,000. On the same date, this motor vehicle is expected to have a remaining useful life of four years, and the estimated residual value is reassessed from $16,000 to $14,000.

Point 3: At 30 June 2020, the fair value of this motor vehicle is $50,000. On the same date, this motor vehicle is expected to have a remaining useful life of three years and the estimated residual value remains unchanged at $14,000.

Point 4: The motor vehicle is sold on 31 December 2020 for $48,000.

Ignore any tax effect.

Required:

Question 1: Prepare the necessary journal entries for the years ending 30 June 2019, 30 June 2020 and 30 June 2021 to record the acquisition, depreciation, revaluations and disposal for the motor vehicle in accordance with AASB 116 Property, Plant and Equipment. Show all relevant dates and workings. Narrations are not required.

Reference no: EM132508444

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