On 1 July 2020, Your company purchased land for $370,000 (ignore GST) and recorded it at cost.
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Question:
On 1 July 2020, Your company purchased land for $370,000 (ignore GST) and recorded it at cost. On 30 June 2026, your company decided to revalue the land. At that time, the fair value of that land was $180,000 Required: Prepare the relevant journal entries on 30 June 2026.n
Expert Answer:
The journal entries to be made on 30 June 2026 are Revaluation of land Land carrying amount 370000 R... View the full answer
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