Question
QUESTION 3: PPE REVALUATION On 1 July 2020 ABC Ltd. acquired a land for 100,000 which is measured using the revaluation model. At 30 June
QUESTION 3: PPE REVALUATION
On 1 July 2020 ABC Ltd. acquired a land for 100,000 which is measured using the revaluation model. At 30 June 2021, Land was assessed to have a fair value of $150 000. At 30 June 2022, Land was assessed to have a fair value of $ 90 000.
Required
Prepare the journal entries during the period 30 June 2021 to 30 June 2022 in relation to the Land. (Please ignore the tax effect.)
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Total Quality Auditing
Authors: Amanda Jo Erven
1st Edition
1733784306, 978-1733784306
