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Provide the journal entries to reflect revaluation decrement

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Reference no: EM133036122

Question - ABC Ltd acquires some machinery at a cost of $250 000 on 1 July 2021. On 30 June 2022, the machinery, which has an accumulated depreciation balance of $40 000, is assessed as having a fair value equal to $200 000. ABC Ltd measures machinery at fair value. Provide the journal entries to reflect the revaluation decrement.

Reference no: EM133036122

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