In the 30 Jun 2022 annual report of ABC: Equipment at cost $370,000 Accumulated depreciation...
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Accounting
In the 30 Jun 2022 annual report of ABC:
Equipment at cost $370,000
Accumulated depreciation $92,500
Total. $277,500
The equipment consist of one machine. The machine is measure using the cost model and depreciation on a Trai gut line basis over 8 years
On 31 Dec 2022, the director decided to change the basis of measuring the equipment from the cost model to the revaluation model. The equipment was revalue to $260,000 with an expected useful life of 6 years
A) prepare the journal entries for the equipment for the period 1 July 2022 to 30 June 2023 on the basis that it was revalued on 31 Dec 2022
B) with reference to AASB116, identify the 3 components of cost of an item of property, plant and equipment
C) identify and discuss 3 environment impacts of the purchase, use and disposal of items of Property P, plant and equipment
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