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NeedGrade Question 2 Narrell Ltd has a building that originally cost $850,000 and has accumulated depreciation of S120,000 as at 30 June 2020. The directors

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NeedGrade Question 2 Narrell Ltd has a building that originally cost $850,000 and has accumulated depreciation of S120,000 as at 30 June 2020. The directors have decided that, from 1 July 2020 they will adopt revaluation model for the building. The fair value of the building on 1 July 2020 is $820,000. Prepare the journal entries to record the revaluation on 1 July 2020. Ignore tax

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