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 machine’s useful life is expected to be 5 more years and the residual value to be $50 000. On 1 July 2023 the asset’s 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). Required: Provide the journal entries necessary to account for all the above transactions and events up to 1 July 2023, in accordance with AASB 116 if the revaluation is undertaken.

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A:

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A:

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A:

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A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…

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A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

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A: This Numerical has covered the concept of Depreciation Accounting.

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A:

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