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Nicolas Ltd. has a building with a carrying amount of 480 000, being the original cost of 600 000 less accumulated depreciation of 120 000.

Nicolas Ltd. has a building with a carrying amount of 480 000, being the original cost of 600 000 less accumulated depreciation of 120 000. The fair value of the asset is 500 000. The tax rate is 30%. Prepare the necessary account entries to revalue the building.

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