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Corvette the leading car manufacturing company acquired amachine for Rs.125,000 on Jan 1,2004: estimated life was 8 years.Depreciation is charged on straightline method.On Jan1,2009:the machine was revalued atrs.70,000.Apart from recording revaluation entry, no otherentries have been passed.

Required:Calculate the value of depreciation expense and pass journal entry in accordance with IAS(International accountingstandard)-16

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9993439

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