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An item of depreciable machinery is acquired on 1 July 2015 for $120000. It is...

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Accounting

An item of depreciable machinery is acquired on 1 July 2015 for $120000. It is expected to have a useful life of 10 years and a zero-residual value. On 1 July 2019, it is decided to revalue the asset to its fair value of $110000.

Required: Provide journal entries to account for the revaluation. (Show working calculations step by step working out)

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