Entity A purchased a property (Land and Building) for $5,000,000 on 1 July 2017. Entity A paid 60% by a cheque on 1 July 2017 and the balance was settled on 1 August 2017 through a bank transfer. The value of the land was $500,000 and the buildings $4,500,000. The expected useful life of the building is 50 years without any residual value.

On 30 June 2019, the property was revalued to $7,562,208 (land $980,208 and buildings $6,582,000).

On 30 June 2021, the property was sold to Entity B for $7,600,000. Entity A received 60% on the same date and the balance was settled on 1 August 2021.

Entity A opts for annual transfer of the revaluation reserve.

REQUIRED:

According to relevant accounting standards, prepare journal entries to record the transactions of Entity A from 1 July 2017 to 1 August 2022.

ACCOUNT NAMES FOR INPUT:

| Machine | Land | Building | Bank | Payable | Receivable | Retained earnings | No entry | Other income |

| Other expense | Interest expense | Interest revenue | Depreciation | Accum. depreciation | Impairment loss |

| Restoration liability | Loss on disposal | Gain on disposal | Revaluation surplus | Revaluation deficit |

ANSWERS:

Journal Entries:

Date	Account Name	Debit ($)	Credit ($)	Hints For Items If Necessary
1-Jul-17	Blank 1	Blank 2
	Blank 3	Blank 4
	Blank 5	Blank 6		An Asset. Judge Dr/Cr side.
	Blank 7		Blank 8
1-Aug-17	Blank 9	Blank 10
	Blank 11		Blank 12
30-Jun-18	Blank 13	Blank 14
	Blank 15		Blank 16
30-Jun-19	Blank 17	Blank 18
	Blank 19		Blank 20
30-Jun-19	Blank 21	Blank 22
	Blank 23		Blank 24
	Blank 25	Blank 26
	Blank 27	Blank 28		An Asset.  Judge Dr/Cr side.
	Blank 29		Blank 30
30-Jun-20	Blank 31	Blank 32
	Blank 33		Blank 34
	Blank 35	Blank 36
	Blank 37		Blank 38
30-Jun-21	Blank 39	Blank 40
	Blank 41		Blank 42
	Blank 43	Blank 44
	Blank 45		Blank 46
30-Jun-21	Blank 47	Blank 48
	Blank 49		Blank 50
	Blank 51	Blank 52
	Blank 53	Blank 54		Judge Dr/Cr side.
	Blank 55	Blank 56		P/L item. Judge Dr/Cr side.
	Blank 57	Blank 58		Judge Dr/Cr side.
	Blank 59		Blank 60
30-Jun-21	Blank 61	Blank 62
	Blank 63		Blank 64
1-Aug-21	Blank 65	Blank 66
	Blank 67		Blank 68