Revaluation and sale
On 1 January 2013, Hong Kong Ltd acquired two identical pieces of equipment for a total cost of $600 000 plus GST by cash. It was estimated that each item would have a useful life of 8 years and a residual value of $50 000 each. The company uses the straight-line method of depreciation and its end of reporting period is 30 June.
On 1 July 2019, the company changed its accounting policy and revalued each item of
equipment upwards by a total of $65 000, based on an independent valuer’s report, to fair value.
There was no need to revise useful lives or residual amounts.
On 31 December 2020, one of the items of equipment was sold for $130 000 cash plus GST.
Required:
Prepare entries (in general journal format) in relation to the equipment from acquisition date to 31 December 2020:
i. 1st January, 2013
ii. 30th June, 2013
iii. 30th June, 2014 - 30th June, 2019
iv. 1st July, 2019
v. 30th June, 2020
vi. 31st December, 2020
please help me answer asap
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