ABC S.A. purchases equipment for $300,000 on January 1, 2017. The equipment has a useful life of ten years, is depreciated using the straight-line method and its residual value is zero. ABC S.A. chooses to revalue its equipment to fair value over the life of the equipment. The fair values of equipment are: 31 December 2017 - $320,000 30 June 2018 – $250,000 31 December 2018 – $260,000 Required Prepare all the necessary journal entries to record the equipment at fair value in 2017 and 2018. The balance day of the company is 31 December.

ABC S.A. purchases equipment for $300,000 on January 1, 2017. The equipment has a useful life of ten years, is depreciated using the straight-line method and its residual value is zero. ABC S.A. chooses to revalue its equipment to fair value over the life of the equipment. The fair values of equipment are: 31 December 2017 - $320,000 30 June 2018 – $250,000 31 December 2018 – $260,000 Required Prepare all the necessary journal entries to record the equipment at fair value in 2017 and 2018. The balance day of the company is 31 December.

Name: ABC S.A. purchases equipment for $300,000 on January 1, 2017. The equ
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Description: ABC S.A. purchases equipment for $300,000 on January 1, 2017. The equipment has a useful life of ten years, isdepreciated using the straight-line method and its residual value is zero. ABC S.A. chooses to revalue its equipment to fairvalue over the

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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