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On 1 July 2021, your company acquired a machine for $50,000 and decided to depreciate...

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Accounting

On 1 July 2021, your company acquired a machine for $50,000 and decided to depreciate it for 16 years with no residual amount. Assume that the fair values of this asset were: Date Fair Value 1/7/2021 $55,000 31/8/2021 $44,000 30/6/2022 $72,000 Required: a. Using the cost model, prepare the relevant journal entries from the date of acquisition to 30 June 2022. (1 mark) b. Using the revaluation model, prepare the relevant journal entries from the date of acquisition to 30 June 2022. (1 mark

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