Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. def company uses the asset adjustment (elimination

DEF Company uses the asset adjustment (elimination) revaluation model to account for its machinery. Machinery...

70.2K

Verified Solution

Question

Accounting

DEF Company uses the asset adjustment (elimination) revaluation model to account for its machinery. Machinery that cost $80000 had a net book value of $65000 on January 1, 2019. On this date the machine had an estimated residual value of $5000 and a remaining useful life of 15 years. At December 31, 2019 the machinerys fair market value is $63000. This is the first year DEF is applying the revaluation model. Required: Prepare the journal entries to record the machinery depreciation for 2019 and the revaluation at December 31, 2019. (Assume straight line depreciation)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

Object A, which has been charged to + 16 nC , is at the origin. Object...

Physics
1.2K views

The top of the lake is frozen The air in contact with surface of lake...

Geometry
1.2K views

A store has clearance items that have been marked down by 60%. They are having...

Basic Math
1.2K views

120 in to feet 12 inches 1 foot 3 feet 1 yard 5280 feet 1...

Basic Math
1.2K views

The basis for classifying assets as current or noncurrent is conversion to cash within O...

Algebra
1.2K views

Write an equation i in standard form and ii in slope intercept form for each...

Accounting
1.2K views

Vaughn Company understated its 2021 ending inventory by $30,200. Determine the...

Accounting
1.2K views

Question 2(1 point) Under the direct charge-off method, when a specific...

Accounting
1.2K views

group of similar cells that perfo specific function

Accounting
1.2K views

You are given the following partial quote from a newspaper dated Septemeber 29, 2015. Assume...

Finance
1.2K views

All but which of the following could affect dividend policy? a firm's need...

Finance
1.2K views

In addition to more traditional stock exchanges in the US such as the New York...