please answer all parts within 30 minutes. make sure you answer all three questions else i will downvote. Dolphin Ltd applies the revaluation model to itsequipment. On 30 June 2023 Dolphin Ltd is preparingend of year adjusting entries (has not yet recordeddepreciation) and obtains a fair value for equipment Aon this date as $70,000.Previous information related to the equipment A is asfollows:The equipment was purchased for $100,000 on 1 July2019. On this date the equipment was estimated tohave a residual value of $5,000 and a useful life of 10years.Dolphin Ltd adopted the revaluation model for year end30 June 2022 which resulted in an increase inequipment A's value to reflect the fair value of $85,000.After this revaluation, useful life and residual valueremained unchanged from the original estimate.Dolphin Ltd uses the straight-line method to depreciateequipment and records depreciation to the nearestmonth. The income tax rate is 30%. All calculations arerounded to the nearest dollar.Required:a) Calculate the gain on revaluation that would havebeen recognised for equipment A on 30 June 2022. (Donot prepare journal entries)b) Calculate the gain or loss on revaluation forequipment A on 30 June 2023.c) Prepare the necessary journal entries to recorddepreciation and to revalue equipment A on 30 June2023.

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Dolphin Ltd applies the revaluation model to its equipment. On 30 June 2023 Dolphin Ltd is preparing end of year adjusting entries (has not yet recorded depreciation) and obtains a fair value for equipment A on this date as $70,000. Previous information related to the equipment A is as follows: The equipment was purchased for $100,000 on 1 July 2019. On this date the equipment was estimated to have a residual value of $5,000 and a useful life of 10 years. Dolphin Ltd adopted the revaluation model for year end 30 June 2022 which resulted in an increase in

Dolphin Ltd applies the revaluation model to its equipment. On 30 June 2023 Dolphin Ltd is preparing end of year adjusting entries (has not yet recorded depreciation) and obtains a fair value for equipment A on this date as $70,000. Previous information related to the equipment A is as follows: The equipment was purchased for $100,000 on 1 July 2019. On this date the equipment was estimated to have a residual value of $5,000 and a useful life of 10 years. Dolphin Ltd adopted the revaluation model for year end 30 June 2022 which resulted in an increase in

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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