Question
Hand Creamy Limited purchased a land for $ cash on September and a machine for $
cash on July The useful life of the machine is years, no residual value and straight line method for
depreciation. The company uses the revaluation model for those assets.
On December the fair value of the land was $ and $ for the machine. On
December the fair value of the land was $ and $ for the machine.
On March the land was sold for $ by cash. The machine has a fair value of $ on
December and $ on December The balance day is December.
Required
Provide the journal entries related to the land and machine.
