Count Ltd purchased a block of land on 1 July 2017 for $800,000. Count Ltd values the land using the cost model.

In 2020, Count Ltd discovered the area where the land is located had been contaminated by medical waste. Accordingly, management of Count Ltd obtains the following valuations of the land:

Value in use $510,000

Net selling price $480,000

REQUIRED:

Provide the journal entry to account for the land on 30 June 2020. Showing all workings necessary to determine your answer. (2 marks).