Kingfisher Ltd had the following noncurrent assets on its balance sheet at 30 June 2014:

On 1 July 2014, the land was revalued to $300 000, and the plant and equipment was revalued to $140 000. One year later, on 1 July 2015, the recoverable amount of the plant and equipment was determined to be $100 000, and it was revalued accordingly. Depreciation for all relevant items is straight-line, at an annual rate of 10 percent.
1. Prepare journal entries to record the revaluation of the land on 1 July 2014.
2. Prepare journal entries to record the revaluation of the plant and equipment on 1 July 2014.
3. Prepare journal entries to record the revaluation of the plant and equipment on 1 July 2015.
4. Assuming that there are no acquisitions or disposals of noncurrent assets, construct the Noncurrent assets section of Kingfisher's balance sheet as at 30 June 2016.

Transcribed Image Text:

Land 320000 Building 150000 Accumulated depreciation 30000 120000 440000