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Sunny Ltd acquired an item of plant on 1 January 2022 for $175 000. Depreciation...

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Accounting

Sunny Ltd acquired an item of plant on 1 January 2022 for $175 000. Depreciation is straight-line over 5 years, with no residual value. On 30 June 2023 the fair value of the plant is $130 500. Reporting date is 30 June. Tax rate is 30%. Required: Provide the journal entries for the year ending 30 June 2023 (Narrations are required).

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