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Garvey Ltd purchased an item of machinery for $750,000 which currently (30/06/2025) has a carrying...

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Accounting

Garvey Ltd purchased an item of machinery for $750,000 which currently (30/06/2025) has a carrying mount of $350,000. On the same date, the company assessed the fair value of the machinery to be $420,000. Which of the following is the correct treatment. 30 June 2025 Dr Gain on revaluation (OCI) 230,000 Cr Machinery 230,000 30 June 2025 Dr Machinery 350,000 Dr Gain on revaluation - machinery (OCI) 60,000 Cr Accumulated depreciation 410,000

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