in the 30 june 2017 annual report of mavis ltd,the following information was reported for...
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Accounting
in the 30 june 2017 annual report of mavis ltd,the following information was reported for machine
machine (at cost) 260,000
accumulated depreciation (60,000)
the machine consisted of one machine - Machine A.The Machine was measured using the cost model and depreciated on a straight-line basis over a10 year period
on 31 december 2017,the direcors of mavis decided to change the basis od measuring the machine from the cost modle to the revaluation model.Machine A was revalued to $168,000 with expected usfull life of 5 years
as at 30june 2018,machine A was assessed to have a fair value of $160000 with an expected useful life of 4 years
required,
prepare the analysis and necessary journal entries during the period 1 july 2017 to 30 june 2018 in relation to the machine,note,show all workings(ignore tax effects and narrations are not required)
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