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PK Ltd acquires a block of land on 1 January 2017 for $250 000 in cash Due to increased housing demand in the area, the

PK Ltd acquires a block of land on 1 January 2017 for $250 000 in cash

Due to increased housing demand in the area, the land has a fair value of $295 000 on 1 January 2018

However, the market value falls to $225 000 on 30 June 2019

Write the necessary journal entries to record the above revaluations.

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