Question: On 30 June 2022, equipment with a cost of $500,000 and accumulated depreciation to date of $375,000 is revalued to $186,000. Required: Assuming a tax

On 30 June 2022, equipment with a cost of $500,000 and accumulated depreciation to date of $375,000 is revalued to $186,000.

Required: Assuming a tax rate of 30%, prepare journals entries for the revaluation on 30 June 2022. (workings must be shown)

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