TAKULAH Traders Ltd purchased a machine for $650 000 and there was an accumulated depreciation...
80.2K
Verified Solution
Link Copied!
Question
Accounting
TAKULAH Traders Ltd purchased a machine for $650 000 and there was an accumulated depreciation balance of $110 000 at 30 June 2022. Its fair value is assessed at this time, with its first revaluation as $450 000. The machines useful life is expected to be 5 more years and the residual value to be $50 000. On 1 July 2023 the assets fair value is $460 000 and the residual value and useful life are expected to be unchanged (that is, there is 4 years of remaining life).
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!
