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Border Ltd measures their non-current assets using the revaluation model, in accordance with AASB 116: Property, Plant and Equipment. On 30 June 20X1, after accounting for depreciation, the Statement of Financial Position showed the following information for one of their buildings:
$Building 1,223,000Accumulated depreciation (400,000)
Previous revaluations of the building had resulted in the recognition of a balance in the Asset Revaluation Surplus of $49,000. On 30 June 20X1, the fair value of the building was determined by an independent valuer to be $600,000. The tax rate is 30%.
Required:
Problem 1: Calculate the amount that Border Ltd would debit to Profit or Loss to account for the revaluation of the building at 30 June 20X1 and prepare the journal entries that would be recognised by the company to account for the revaluation on 30 June 20X1 in accordance with the requirements of AASB 116: Property, Plant and Equipment.
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