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23. Petersen Ltd has the following land and buildings in its financial statements as at 30 June 2022: Residential land, at cost Factory land, at
23. Petersen Ltd has the following land and buildings in its financial statements as at 30 June 2022: Residential land, at cost Factory land, at valuation 2020 Buildings, at valuation 2020 Accumulated depreciation 1 000 000 900 000 800 000 (100 000) CHAPTER 6: Revaluations and impairment testing of non-current assets 253 At 30 June 2022, the balance of the revaluation surplus is $400 000, of which $300 000 relates to the factory land and $100 000 to the buildings. On this same date, independent valuations of the land and buildings are obtained. In relation to the above assets, the assessed fair values at 30 June 2022 are: Residential land, previously recorded at cost Factory land, previously revalued in 2020 Buildings, previously revalued in 2020 $ 1 100 000 700 000 900 000 REQUIRED Provide the journal entries to account for the revaluation on 30 June 2022. Petersen Ltd classifies the residential land and the factory land as different classes of assets. LO 6.1, 6.2, 6.3, 6.4, 6.5, 6.6 ***
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