Prepare any necessary entries related to the machinery


Problem

On 1 July 2017, Southern Cross Ltd purchased a machinery at a cost of $ 550,000 with a residual value of $50,000 and a useful life of 10 years. On 30 June 2018, Southern Cross Ltd changed its method of measurement of PPE from the cost model to the revaluation model. The company hired an independent valuer who assessed the value of the machinery to be $530,000 with a remaining useful life of 10 years and a residual.

Task

Prepare any necessary entries related to the machinery from 1 July 2017 to 30 June 2018. Narrations are not required.

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Financial Accounting: Prepare any necessary entries related to the machinery
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