question archive Light Company bought a machine for ?300,000 on January 1, 20x8

Light Company bought a machine for ?300,000 on January 1, 20x8

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Light Company bought a machine for ?300,000 on January 1, 20x8. The machine's useful life is 10 years and it is estimated to have a zero residual value and is depreciated using the straight-line method.     

 

The revalued amount of the machine is as follows:       

December 31         Fair values of the machine      

20x8                      ? 360,000          

20x9                       335,000          

2x10                       320,000 

 

The enacted tax rate was 30% for each year.

 

 The revaluation surplus in the equity section of Light Company's December 31, 20x8 statement of financial position is? 

The amount of depreciation expense to be recognized in 20x9 is? 

The amount of revaluation surplus transferred to retained earnings in 20x9 is? 

 The revaluation surplus in the equity section of Light Company's December 31, 2x10 statement of financial position is?  

 

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