On 1 January 2023, Blue Jay Ltd revalued land from ($ 300000) to ($ 500000). On 1

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On 1 January 2023, Blue Jay Ltd revalued land from $\$ 300000$ to $\$ 500000$. On 1 January 2024, the company subsequently revalued the land to $\$ 420000$. And on 1 January 2025 , the company again revalued the asset downwards to $\$ 260000$.

Required

Prepare the journal entries required to record the revaluation adjustment for the year ended:

1. 30 June 2023.

2. 30 June 2024.

3. 30 June 2025.

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Financial Reporting

ISBN: 9780730396413

4th Edition

Authors: Janice Loftus, Ken Leo, Sorin Daniliuc, Belinda Luke, Hong Nee Ang, Mike Bradbury, Dean Hanlon, Noel Boys, Karyn Byrnes

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Question Posted: Apr 05, 2024 03:00 AM

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On 1 January 2023, Blue Jay Ltd revalued land from ($ 300000) to ($ 500000). On 1

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1 30 Jun...View the full answer

Financial Reporting

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