q1. prepare any necessary entries to revalue the land as at 30 june 2020

q2. prepare any necessary entries to revalue the building at as 30 june 2020

q3. Assume the building had a remaining useful life of 20 years, with zero residual value. Prepare the journal entry record depreciation expense for the year ended 30 june 2021 using the straight-line method.

Question 1 (20 marks) West's trial balance at 30 June 2020 included the following balances relating to non-current assets, after charging depreciation. Land $250,000 $320,000 Building Accumulated depreciation (180,000) $140,000 West Ltd treats land and buildings as separate classes of assets. The company has adopted fair value for the valuation of non-current assets. At 1 July 2019 there is an asset revaluation surplus for the land of $50,000 and the building of $30,000. On 30 June 2020, an independent valuer assessed the fair value of the land to be $180,000 and the building to be $200,000 Part A Qi-A- Prepare any necessary entries to revalue the land as at 30 June 2020. 6 marts