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On 30 Jun 2023, the following appeared on the Balance Sheet of revaluation (fair value) model of accounting. Land 2,000,000 Less,Accumulated depreciation 200,000 On 1July

On 30 Jun 2023, the following appeared on the Balance Sheet of revaluation (fair value) model of accounting.

Land 2,000,000

Less,Accumulated depreciation 200,000

On 1July 2023 it was confirmed that the fair value of the building is S4,000,000 and therefore owner will need to revalue the land. Prepare journal entries to account for the revaluation for the asset on 1 July 2023

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