1. Mainland purchased a machine for $85,000 on 1 January 20x7 and assigned it a useful life for 10 years. On 31 March 20x9 it was revalued to $93,000 with no change in useful life. a) Complete the table below and show your workings. ASSETS Property (Acc. Depreciation) NBV OWNER'S EQUITY Revaluation surplus INCOME STATEMENT Depreciation expense Comprehensive income Gain on revaluation of property b) Jan 1, x7 Dec 31, x7 Dec 31, x8 For 20x8 For 20x9 Mar 31, x9 Mar 31, x9 Before revaluation After revaluation For the first 3 months of 20x9 Before revaluation After revaluation Show all the journal entries related to this equipment during 20x9. Dec 31, x9 For the last 9 months of 20x9

1. Mainland purchased a machine for $85,000 on 1 January 20x7 and assigned it a useful life for 10 years. On 31 March 20x9 it was revalued to $93,000 with no change in useful life. a) Complete the table below and show your workings. ASSETS Property (Acc. Depreciation) NBV OWNER'S EQUITY Revaluation surplus INCOME STATEMENT Depreciation expense Comprehensive income Gain on revaluation of property b) Jan 1, x7 Dec 31, x7 Dec 31, x8 For 20x8 For 20x9 Mar 31, x9 Mar 31, x9 Before revaluation After revaluation For the first 3 months of 20x9 Before revaluation After revaluation Show all the journal entries related to this equipment during 20x9. Dec 31, x9 For the last 9 months of 20x9

Name: 1.Mainland purchased a machine for $85,000 on 1 January 20x7 and assi
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Description: 1.Mainland purchased a machine for $85,000 on 1 January 20x7 and assigned it a useful lifefor 10 years. On 31 March 20x9 it was revalued to $93,000 with no change in useful life.a) Complete the table below and show your workings.ASSETSProperty(Acc.

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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