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Henry Ltd. holds a piece of land that it accounts for using the revaluation model. It acquired the land for $400,000.In the fiscal year ended
Henry Ltd. holds a piece of land that it accounts for using the revaluation model. It acquired the land for $400,000.In the fiscal year ended 30 June 2020, the value of the land decreased to $350,000. In the current fiscal year, the property market took off, and the land is now valued at $550,000.The journal entries to record the increase in the value of the land are (ignore tax effect):
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