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C2- 1. Lilian Ltd has a plant carries in its books at $20,000 at as 31 Dec 2011. Two years ago a slump in plant values led the company to reduce the carrying value from $26,000. This was taken as an expense in the income statement. There has been a surge in plant prices in the current year, and the plant is now worth $30,000. And in year 2012, the value plant reduce to $25,000. Please to prepare the entries for year 2011 and 2012. |