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Journal entries relating to land for the years ending

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Question - Star limited purchased a Pierce of land on 1 January 2013 at cost 2 500 000

Star subsequently measures its land using the revaluation model. It is the policy of the company to determine the fair value of land every 2 years

The fair value of the land is as follows

31 December 2015 R4 750 000

31 December 2017 R1 450 000

31 December 2019 R3 500 000

The tax authorities levy income tax at 30% of taxable profit

Capital gains included in taxable profit using a capital gains inclusion rate of 80%

The cost of land is not deductible in the calculation of taxable profits

Star limited intends to keep the land

Required - Journal entries relating to land for the years ending 31 December 2013 to 31 December 2019?

Reference no: EM132620621

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