Answer the following

10:254 canvas.sheridan.edu.au SHERIDAN COLLEGE AC101 Principles of Financial Accounting Assignment 3 Due Date: Friday 27th April 2017, 5:00pm Total Marks: 24% (15% of your total weighting) Question 1 Land purchased for $500,000 on 1/1/2013. It was expected to have a further useful life of 20 years with no residual value. On 1/1/2015, the land was revalued initially, to $510,000. After the revaluation, the land was expected to have a further useful life of 18 years (20 years minus 2 years) with no residual value. On 1/10/2017, the land was again revalued, to $400,000. The land was sold for $430,000 at the time of the revaluation on 1/10/2017 Required to journalise: 1.1 The revaluation at 1/1/2015 and 1/10/2017. (10%) 12 Depreciation for 1/1/2014, 1/1/2015, 1/1/2016, 1/1/2017 and 1/10/2017. (10%) 1.3 Disposal for the land on 1/10/2017. (4%) Please show all of your working and narrations. You may want to state any assumption in your calculation mo