At 1 July 2018, Twister Ltd acquired the following non-current
assets:
Equipment $200 000
Vehicles 160 000
They are in different classes of non-current assets and are to be
measured at fair value. The expected useful lives of vehicles and
equipment are 5 years and 10 years, respectively.
At 30 June 2019, the fair values of both assets were assessed. The
equipment had a fair value of $164 000, and the vehicles, $140 000.
The remaining useful lives were assessed to be 8 years for
equipment and 7 years for vehicles. At 30 June 2020, the fair value
of equipment was assessed to be $163 500 and the fair value of
vehicles was $110 000.
Required
Prepare the journal entries for Twister Ltd for the years ending 30
June 2019 and 2020.
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