73.The statement of financial position of Toby Ltd at 31 December 2023 shows the following....
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Accounting
73.The statement of financial position of Toby Ltd at 31 December 2023 shows the following.
Plant $80 000
Less accumulated depreciation plant 20 000
= 60 000 On 1 January 2024, based on a valuer's estimate of fair value, it was decided to revalue the plant to $70 000. This was the first time the asset had been revalued. The plant was then assessed to have a further useful life of 5 years and an expected residual amount of $10 000.
What is the journal entry in the books of Toby Ltd to record depreciation on plant on a straight-line basis for the half-year ending 30 June 2024 (balance date)?
