Question: On 1 January 2 0 2 4 , the date that X Ltd acquired an 8 0 % interest in Y Ltd , land with

On 1 January 2024, the date that X Ltd acquired an 80% interest in Y Ltd, land with a carrying value of R500000 in Y Ltd's books was found to have a fair value of R800000. Y Ltd remeasured (revalued) the land in its accounting records on 1 January 2024.
What is the pro-forma journal that would need to be proccesed at acquisition to account for the above information? You may ignore tax implications.

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