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TAKULAH Traders Ltd purchased a machine for $650 000 and there was an accumulated depreciation...

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Accounting

TAKULAH Traders Ltd purchased a machine for $650 000 and there was an accumulated depreciation balance of $110 000 at 30 June 2022. Its fair value is assessed at this time, with its first revaluation as $450 000. The machines useful life is expected to be 5 more years and the residual value to be $50 000. On 1 July 2023 the assets fair value is $460 000 and the residual value and useful life are expected to be unchanged (that is, there is 4 years of remaining life).

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