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On 1 July 2009, Engineering Ltd purchased land $1,200,000 and buildings $500,000. The estimated useful life of the buildings was 40 years, with a residual value of nil. On 1 October 2009, machinery was purchased at a total cost of $120,000. The estimated useful life of the machinery was 4 years with an estimated residual value of $9,000. Engineering Ltd uses straight-line depreciation for buildings and the diminishing-balance method for machinery. The entity’s balance date is 30 June. Required:Prepare journal entries to record the purchase of the land, buildings and machinery during the year.Prepare journal entries to record for depreciation expense for the year ended 30 June 2010.Assume that on 1 July 2010 the entity revalue the land upwards by $200,000 and the buildings downwards by $25,000. Prepare the journal entries for the revaluations.On 31 December 2010, owing to a change in product mix, the machinery was sold for $50,000. Prepare the journal entries for the disposal.
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