At the end of 20X3, Tahrir Entity (TE) is revaluing to fair value a piece...
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Accounting
At the end of 20X3, Tahrir Entity (TE) is revaluing to fair value a piece of equipment with a carrying value of $10,000 (original cost of $15,000 less accumulated depreciation of $5,000). TE determines that the fair value of the equipment as of December 31, 20X3 is $12,000. Give the journal entries to record the revaluation under both methods of accounting for accumulated depreciation.
On June 1, 20X4, management of Tahrir Entity (TE) decides to sell its torch-making machine for $50,000. The carrying amount of the machine as of June 1 is $70,000 (original cost of $100,000 less accumulated depreciation of $30,000). Give the journal entry required to record the sale of the machine.
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