Accolade Ltd is a manufacturing company making heavy machinery. It has factories in Western Australia (WA) state and Northern Territory (NT). Following is a list of property, plant, and equipment held by the firm as at 30 June 2020 in the two factories at Western Australia (WA) and the Northern Territory (NT). All money values are in $.

Acrobat Reader File Edit View Window Help 380 30% 100% [27 Wed 17:50 Q = ... EX03367_ACT503_1F_19.pdf Home Tools Slide 1 Lecture 6 - Reval... Corporate Accoun Corporate Accoun EX03367_ACT503... x (? Sign In 4 / 10 107% 9 0 Carrying value at 30 June 2020 fair value at 30 June 2020 Factory (WA) Export PDF Land 80 000 140 000 Create PDF Building -Cost 70 000 90 000 Accumulated depreciation 20 000 Edit PDF Factory (NT) Comment Land 160 000 100 000 Building Combine Files -Cost 120 000 50 000 Accumulated depreciation 50 000 Adobe Acrobat Pro DC Additional information: Combine two or more files into a single PDF The company has revalued land in NT factory on 30 June 2019 and has a revaluation surplus of $4 000. All other assets have not been previously revalued. Learn more . The accounting policies of the Company state that land and building classes of assets follow the revaluation model. Organize Pages v ABC Ltd is exempt from income tax. . There were no revaluations conducted for assets for the year ended 30 June 2020. Store and share files in the Document Cloud a) Explain three principles you would consider in accounting for the revaluation of the above assets. Learn More (3 Marks) OCT 14 C W X