Entity A is a local construction company, which provides construction services to different types of customers. To prepare for the company development, Entity A planned to acquire additional property for its own use in the year 2017. On 1 July 2017, Entity A purchased a property (Land and Building) for $20,000,000. The value of the land and building are $2,400,000 and $17,600,000 respectively. The expected useful life of the building is 50 years with a residual value of $10,000. Entity A paid 85% by a cheque on 1 July 2017 and the balance was settled on 1 August 2017 through a bank transfer. On 30 June 2019, the property was revalued to $30,248,896 (land $3,920,896 and buildings $26,328,000) with a new estimated residual value of $120,000. On 30 June 2021, the property was sold to Entity B for $34,400,000. Entity A received 55% on the same date and the balance was settled on 1 August 2021. Entity A opts for the annual transfer of the revaluation reserve. The end of the reporting period is 30 June. Entity A adopts the revaluation model and the straight-line depreciation method for the measurement of the property. REQUIRED: According to relevant accounting standards, prepare journal entries to record the transactions of Entity A from 1 July 2017 to 1 August 2021.

ACCOUNTS FOR INPUT:

| Land | Building | Bank | Inventory | Revenue | Cost of sales | Payable | Receivable |

| Restoration liability | Interest expense | Interest revenue | Depreciation | Accum. depreciation |

| Loss on disposal | Gain on disposal | Other expense | Other income | Share capital | Retained earnings |

| Revaluation reserve | No entry

ANSWERS:

Journal Entries:

Date	Account Name	Debit ($)	Credit ($)	Hints For Sequence
1-Jul-17				-
				An Asset with Useful Life.
				Not a Liability Account.
				-
1-Aug-17				-
				-
30-Jun-18				-
				-
30-Jun-19				-
				-
30-Jun-19				-
				An Asset with Useful Life.
				-
				An Asset with Useful Life.
				-
30-Jun-20				An Expense.
				-
30-Jun-20				-
				-
30-Jun-21				An Expense.
				-
				-
				-
30-Jun-21				End of Asset Life.
				-
30-Jun-21				-
				Not a Bank Account.
				A P/L Item. Judge Dr/Cr side. Input Amount Only.
				-
				An Asset with Useful Life.
30-Jun-21				-
				-
1-Aug-21				-
				-

Please use the above required accounts for input to answer the question, thank you.