Alexandra Corp. bought the equipment in January 2017 for $500,000. It has an expected useful...
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Accounting
Alexandra Corp. bought the equipment in January 2017 for $500,000. It has an expected useful life of 25 years with no residual value. The company uses the straight-line method of depreciation. The company follows IFRS and uses the revaluation model, revalues assets every third year. The fair value of the equipment is as follows:
December 31, 2019 $450,000
December 31, 2022 $375,000
Requirements:
Use revaluation model to assess the equipment on each of the revaluation date as per
-Asset adjustment method
- Proportionate method
You are required to provide all the calculations and the journal entries under each method.
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