Question
Namib Mills purchased land on 1 January 2019 at a cost of $500. The company has been using the revaluation method to determine the fair
Namib Mills purchased land on 1 January 2019 at a cost of $500. The company has been using the revaluation method to determine the fair value of the land. Below are the fair values on specified revaluation dates.
31 December 2020 $750
31 December 2021 $450
31 December 2022 $500
Required
Write journals to account for the land on years ending 2020 through to 2022.
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Monitoring And Auditing Practices For Effective Compliance
Authors: John E. Steiner
2nd Edition
0977843017, 978-0977843015
