On 28 March 2022, Blue Gum Ltd acquired land in California for a cash consideration of US$400
Fantastic news! We've Found the answer you've been seeking!
Question:
On 28 March 2022, Blue Gum Ltd acquired land in California for a cash consideration of US$400 000. At 30 June 2022 the land is revalued to a fair value of US$500 000. The relevant exchange rates are:
28 March 2022 US $1.00 = A$1.15
30 June 2022 US $1.00 = A$1.10.
On 30 June 2022, Blue Gum Ltd will record a revaluation gain on the land for:
A) A$100 000
B) A$160 000
C) A$200 000
D) A$217 948
Related Book For
Applying International Financial Reporting Standards
ISBN: 978-0730302124
3rd edition
Authors: Keith Alfredson, Ken Leo, Ruth Picker, Paul Pacter, Jennie Radford Victoria Wise
Posted Date: