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In the 30 June 2021 annual report of Laverton Ltd the following information was reported for Buildings: Buildings (at cost) 5,260,000 Accumulated Depreciation (60000) The
In the 30 June 2021 annual report of Laverton Ltd the following information was reported for Buildings: Buildings (at cost) 5,260,000 Accumulated Depreciation (60000) The buidings consisted of one Buiiding - Building A. The Suilding was measured using the cost modet and depreciated on a straight-line basis over a 10 -year period. On 31 December 2021 , the directors of Laverton Ltd decided to change the basis of Measuring the Building from the cost model to the revaluation model. Building A was revalued to $168,000 with an expected useful life of 5 years As at 30 June 2022, Building A was assessed to have a farr value of $160.000 with an expected useful ife of 4 years. Required: Prepare the analysis and necessary journal entries during the period 1 , wy 2021 to 30 June 2022 in relation to the Building, Please show all workings. (lgnore tax effects and narrations are not required). Write your answer here: Workings
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