Burchells Ltd Owns a Machine That Originally Cost $36,000

question 23

Multiple Choice

Burchells Ltd owns a machine that originally cost $36,000. It has been depreciated using the straight-line method for 3 years, giving an accumulated depreciation of $15,000 (the salvage value was estimated at $6,000 and the useful life at 6 years) . At the beginning of the current financial year its carrying value is therefore $21,000. It has been decided by the directors to revalue it to fair value, which is assessed to be $38,000. The salvage value and useful life are considered to be unchanged. What are the appropriate entries to record the revaluation and the depreciation expense for the current year (rounded to the nearest dollar) ?

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Definitions:

Change Talk

In therapy and counseling, the client's verbal indication of consideration of, motivation for, or commitment to change.

Person-Centered Theory

A psychological approach that emphasizes the importance of the individual's subjective experience and innate capacity for personal growth and self-healing.

MI Principles

The foundational principles of Motivational Interviewing, a counseling approach that aims to enhance a person's motivation to change.

Psychoanalytic Theory

A theory originated by Sigmund Freud that emphasizes unconscious processes and childhood experiences in shaping personality and behavior.