An office block cost ABC Ltd $500,000 to purchase in 2019 and currently has accumulated depreciation recorded in the financial statements of $280,000. In 2022 the office block is revalued in the financial statements with a fair value of $800,000. Which  journal entries would not be correct to be recorded in the financial statements of ABC Ltd?  explain.

Answer rating: 100% (QA)

There are a few scenarios that might result in incorrect journal entries 1 Recording Revaluation Gai... View the full answer