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Lewis Ltd has a block of land with a carrying amount of $200,000, previously revalued upwards from $100,000. Required: Show the journal entries for each
Lewis Ltd has a block of land with a carrying amount of $200,000, previously revalued upwards from $100,000.
Required:
Show the journal entries for each of these independent scenarios.
- The land is revalued downwards to $160,000
- Revalued downwards from $200,000 to $80,000
- The land is sold for $250,000
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