A Machine Purchased by White Ltd Had a Cost of $670,000

question 2

Multiple Choice

A machine purchased by White Ltd had a cost of $670,000 and an accumulated depreciation balance of $120,000 at 30 June 2002. Its fair value is assessed at this time, with its first revaluation as $450,000. What is/are the appropriate journal entry(ies) to record the revaluation?

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Definitions:

Servant Leadership Approach

A leadership philosophy in which the leader’s main goal is to serve others, prioritizing the well-being of their team members and encouraging their growth.

Leader Courage

The attribute of leaders that enables them to confront fear, pain, danger, uncertainty, or intimidation within their leadership roles.

Humility

A personal quality characterized by a lack of arrogance or pride and a recognition of one's limitations and the value of others.

Societal Impact

The effect an organization, individual, or action has on the broader social, economic, and environmental context in which it operates.