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Describe the accounting treatment required

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XYZ Ltd purchased an item of land on 1 July 2020 at a cost of $600,000. The land is carried at fair value. On 30 June 2021, the fair value of the land was considered to be $420,000.

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Problem 1: Describe the accounting treatment required and record the journal entry on 30 June 2021. Show your workings in detail.

Reference no: EM132993589

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