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I'm in hurry. Thank you so much Jerry Ltd adopts the revaluation model for measuring buildings. On 30 June 2021, and prior to recording depreciation

image text in transcribedI'm in hurry. Thank you so much

Jerry Ltd adopts the revaluation model for measuring buildings. On 30 June 2021, and prior to recording depreciation for the year, Jerry Ltd obtained a fair value for a building at $240,000. In the previous year, Jerry Ltd had revalued this building to a fair value of $300,000. This had resulted in recording an increase of $20,000 for the building. The building had a remaining useful life of 10 years on that date (no residual value). The company uses straight-line depreciation, the reporting period ends 30 June, and the tax rate is 30%. Required: Prepare the necessary journal entries for the building on 30 June 2021. (10 marks)

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