TOPIC 3: REVALUATION OF ASSETS TUTORIAL QUESTIONS QUESTION 1: Young Ltd acquires some land at a cost of $150 000 on 1 July 2014. On 30 June 2015, the land is assessed as having a fair value equal to $100.000. Young Ltd carries the land at fair value (revaluation model). Required 1) On 30 June 2015. is Young recognising a revaluation increment or decrement or a reversal on previous revaluation? 2) Record the revaluation through journal entries. QUESTION 2: On 30 June 2016, due to a general increase in prices in that area, the land is assessed as having a fair value equal to $130,000. Young Ltd proceeds with the revaluation. Required 1) On 30 June 2016, is Young recognising a revaluation increment or decrement or a reversal on previous revaluation? 2) How much is the revaluation to be recorded? 3) Record the revaluation through journal entries