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How to prepare journal entries as at july

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Reference no: EM132554378

On 1 July 20X0, ABC Enterprises Limited bought two parcels of land for cash and uses the revaluation model to maintain the asset value. Income tax rate is 30%. The information relating to the assets are as follows.

Data are as follows

Property location             Bexhill

Property type                     Land

Valuation model                 Fair value.

1 July 20X0                       $900,000

Year ending 30 June 20X1 $1,000,000

Year ending 30 June 20X2 $700,000

Year ending 30 June 20X3 $900,000

Property location              Bromwich

Property type                    Land

Valuation model                Fair value

1 July 20X0                     $700,000

Year ending 30 June 20X1 $500,000

Year ending 30 June 20X2 $300,000

Year ending 30 June 20X3 $600,000

Question 1: How to Prepare journal entries as at 1 July 20X0, 30 June 20X1, 30 June 20X2, 30 June 20X3

Reference no: EM132554378

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