Mendelssons Ltd Has a Machine That Has Been Revaluing Over

question 5

Multiple Choice

Mendelssons Ltd has a machine that has been revaluing over a number of years.The valuation as at 1 January 2002 is $130,000.The previous valuation was $145,000 and the accumulated depreciation is $40,000.The revised salvage value is $15,000 and the estimated useful life remaining is 12 years.The benefits from the machine are expected to be derived evenly over its life.In the previous year,the machine had been devalued by $15,000 and this amount written off to the income statement.What are the entries at 1 January 2002 to record the revaluation and at 31 December 2002 to record depreciation?

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Definitions:

Secondary Circular Reactions

A developmental stage in infants where they repeat actions to trigger a desired response in their environment, typically observed between 4 and 8 months of age.

Physical Understandings

The grasp of physical principles and how objects interact in the physical world, often developed in early childhood through observation and interaction.

Absent Objects

Concepts or items that are not physically present but can still have effects or be represented in thought.

Motor Abilities

The physical skills related to movement and coordination, including gross and fine motor skills.