An entity purchased peoperty for $ 8 million on 1 July 20X3 . The land element of
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An entity purchased peoperty for $ 8 million on 1 July 20X3 . The land element of the purchase was $ 2 million . The expected life of the building was 50 years and its residual value nil . On 30 June 20X5 the property was revalued to $ 10million , of which the land element was $ 3 million and the buildings $ 7 million . On 30 June 20X7 , the property was sold for $ 9.2 million .
a ) Calculate gain / loss on revaluation
b ) Show double entry to record gain / loss calculated above
c ) Calculate gain loss on disposal
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