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The property market was very positive, and the directors decided that they would adopt the revaluation model for the year 30 June 2020. They have obtained an independent valuation of the office building at a value of $1,570,000. The following information was provided as at 30 June 2019: Cost: 1,100,200 Acc Depreciation: 220,040 (Straight-line 4%) Required: Prepare the necessary journals to record the revaluation as at 30 June 2020. The property market was very positive, and the directors decided that they would adopt the revaluation model for the year 30 June 2020. They have obtained an independent valuation of the office building at a value of $1,570,000. The following information was provided as at 30 June 2019: Cost: 1,100,200 Acc Depreciation: 220,040 (Straight-line 4%) Required: Prepare the necessary journals to record the revaluation as at 30 June 2020.
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To record the revaluation of the office building as at 30 June 2020 the following journals are requi... View the full answer
Related Book For
International Financial Reporting And Analysis
ISBN: 9781473766853
8th Edition
Authors: David Alexander, Ann Jorissen, Martin Hoogendoorn
Posted Date:
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