DEF Company uses the asset adjustment (elimination) revaluation model to account for its machinery. Machinery...
60.1K
Verified Solution
Link Copied!
Question
Accounting
DEF Company uses the asset adjustment (elimination) revaluation model to account for its machinery. Machinery that cost $80000 had a net book value of $65000 on January 1, 2019. On this date the machine had an estimated residual value of $5000 and a remaining useful life of 15 years. At December 31, 2019 the machinerys fair market value is $63000. This is the first year DEF is applying the revaluation model. Required: Prepare the journal entries to record the machinery depreciation for 2019 and the revaluation at December 31, 2019. (Assume straight line depreciation)
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
