help me to solve this problem On 30 June 2019, Steve Ltd acquired a machine for $200 500 cash, with an expected useful life of ten years and a zero residual value. The company has adopted fair value for the valuation of non-current assets.On 30 June 2020, the company hired an independent valuer who assessed the value of the machine to be $185 000 with a remaining useful life of 8 years and residual value of $5 000.On 30 June 2021, the fair value of the machine is $150 000 with a remaining useful life of 6 years and zero residual value.The company uses straight-line depreciation method for depreciating all its property, plant and equipment. Income tax rate is 30%. The financial year ends on 30 June.RequiredPrepare all the necessary journal entries related to the machine from 30 June 2019 to 30 June 2021.

For the Period ending 30th June 2019, Particulars Dr/Cr Amount($) (1) Machinery Account Dr…

Answered: Prepare all the necessary journal…

Business

Accounting

Prepare all the necessary journal entries related to the machine from 30 June 2019 to 30 June 2021.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 11P

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help me to solve this problem

On 30 June 2019, Steve Ltd acquired a machine for $200 500 cash, with an expected useful life of ten years and a zero residual value. The company has adopted fair value for the valuation of non-current assets.
On 30 June 2020, the company hired an independent valuer who assessed the value of the machine to be $185 000 with a remaining useful life of 8 years and residual value of $5 000.
On 30 June 2021, the fair value of the machine is $150 000 with a remaining useful life of 6 years and zero residual value.
The company uses straight-line depreciation method for depreciating all its property, plant and equipment. Income tax rate is 30%. The financial year ends on 30 June.
Required
Prepare all the necessary journal entries related to the machine from 30 June 2019 to 30 June 2021.

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