AYN 418 Exam Question – Aaron Ltd .

| October 3, 2018

On 1 July 2011, Aaron Ltd purchased equipment for $4,000,000. The company uses the revaluation model to account for equipment and depreciates it over its estimated useful life of 4 years using the straight line method with a zero residual. Indicators of impairment and/or reversal of impairment existed at 30 June 2012, 2013 and 2014.The information below shows the asset values at various dates.Prepare general journal entries to account the equipment from 1 July 2011 to 30 June 2014 in accordance with the requirements of AASB 116 and AASB 136.

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