Question: QUESTION 3: PPE REVALUATION (10 MARKS) On 1 July 2019 ABC Ltd. acquired a land for 100,000 which is measured using the revaluation model. At

QUESTION 3: PPE REVALUATION (10 MARKS) On 1 July 2019 ABC Ltd. acquired a land for 100,000 which is measured using the revaluation model. At 30 June 2020, Land was assessed to have a fair value of $130 000. At 30 June 2021. Land was assessed to have a fair value of S 90 000. e Q3 Required Prepare the journal entries during the period 30 June 2020 to 30 June 2021 in relation to the Land. (Please ignore the tax effect.)

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