hello i was wondering if someone could help check my work for this problem and also if i am right for the one do
you know the other method that they are asking for?
At the end of 20X3, Tahrir Entity (TE) is revaluing to fair value a piece of equipment with a carrying value of $10,000 (original cost of $15,000 less accumulated depreciation $5,000). TE determines that the fair value of the equipment as od December 31, 20X3 is $12,000. Give the journal entries to record the revaluation under both methods of accounting for accumulated depreciation.
What are both of the methods?
Also, this is one journal entry that i did, am i doing it correctly?
Date Account Title/Description Debit Credit
31, Dec.20X3 Cash $12,000
Loss on sale of Equipment $-2,000
Accumulated Depreciation-Equipment $5000
Loss on sale of equipment=carrying amount 10,000- sale value 10,000=-$2000
Can someone help me and tell me if i did this first method right? and what the other method may be?