The end of the financial year of ABC Ltd is 30 June 2021. At this date company's building, historical cost is $3 200 000 and accumulated depreciation of $80 000.On 30 June 2021, the building is revalued to $3 400 000. ABC Ltd. estimated that the remaining useful life of the building is 17 years from the time of the revaluation.

Prepare journal entries to reflect the revaluation of the asset on 30 June 2021.

Answer rating: 100% (QA)

Here are the journal entries to reflect the revaluation of the building asset on 30 June 2... View the full answer