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Land shown in the books at $600,000 was revalued as 1,000,000. What journal entries will be passed at the time of revaluation and at the

Land shown in the books at $600,000 was revalued as 1,000,000. What journal entries will be passed at the time of revaluation and at the end of year. Under what head, gain on revaluation will be shown in the Income statement?

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