Burgundy Limited purchased a plant on 2 January 20X1 for C80 000. The plant is measured under the revaluation model, using the net replacement value method, and is depreciated on the straight-line basis, over its estimated economic useful life of 5 years, to a nil residual value. The following fair values were measured by an independent valuer using the cost approach (often called the current replacement cost): Date Fair value 01 January 20X2 C96 000 01 January 20X3 01 January 20X4 C40 000 C40.000 Burgundy transfers a portion of the revaluation surplus to retained earnings on an annual basis. There were no indications of impairment at the end of any of the years. Required: Show all related journal entries for the years ended 31 December 20X2, 20X3 and 20X4. Ignore tax.

Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $48.000 The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $3,000. On January 1, 2024, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $1,200 Exercise 11-23 (Algo) Part 2 2. Prepare the year-end journal entry for depreciation on December 31, 2024. Assume that the company uses the double-decline balance method instead of the straight-line method. Note: If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations. Round your final answers to nearest whole dollar. View transaction list Journal entry worksheet 1 Record depreciation expense for 2024,

Avalon Industries buys equipment for $90,000, expects to use it for six years, and then sell it for $6,000. Using the straight-line method, the company should report annual depreciation for the equipment of: Multiple Choice O $15,000. O O $14,000. $28,000. $31,750.