On 1 July 20X0, ABC Enterprises Limited bought two parcels of land for cash and uses the revaluation model to maintain the asset value. Income tax rate is 30%. The information relating to the assets are as follows.

Property location Bexhill

Property type Land

Valuation model Fair value

Data are as follows

1 July 20X0 $900,000

Year ending 30 June 20X1 $1,000,000

Year ending 30 June 20X2 $700,000

Year ending 30 June 20X3 $900,000

Property location Bromwich

Property type Land

Valuation model Fair value

1 July 20X0 $700,000

Year ending 30 June 20X1 $500,000

Year ending 30 June 20X2 $300,000

Year ending 30 June 20X3 $600,000

Find the journal entries for 1st july 2010, 30 june 2011, 30 june 2012 and 30 june 2013

QUESTION 2 - (20 MARKS) On 1 July 20XO, ABC Enterprises Limited bought two parcels of land for cash and uses the revaluation model to maintain the asset value. Income tax rate is 30%. The information relating to the assets are as follows. Property location Bexhill Property type Land Valuation model Fair value Data are as follows 1 July 20X0 $900,000 Year ending 30 June 20x1 $1,000,000 Year ending 30 June 20X2 $700,000 Year ending 30 June 20X3 $900,000 Property location Bromwich Property type Land Valuation model Fair value 1 July 20X0 $700,000 Year ending 30 June 20X1 $500,000 Year ending 30 June 20x2 $300,000 Year ending 30 June 20X3 $600,000 QUESTION 2 - (20 MARKS) On 1 July 20XO, ABC Enterprises Limited bought two parcels of land for cash and uses the revaluation model to maintain the asset value. Income tax rate is 30%. The information relating to the assets are as follows. Property location Bexhill Property type Land Valuation model Fair value Data are as follows 1 July 20X0 $900,000 Year ending 30 June 20x1 $1,000,000 Year ending 30 June 20X2 $700,000 Year ending 30 June 20X3 $900,000 Property location Bromwich Property type Land Valuation model Fair value 1 July 20X0 $700,000 Year ending 30 June 20X1 $500,000 Year ending 30 June 20x2 $300,000 Year ending 30 June 20X3 $600,000