Reference no: EM133001646
Moon Ltd is undertaking its regular review of the fair value of its assets. It has discovered the following material changes:
Land held for investment purposes Carrying Amount Fair Value
Holland Drive $1,300,000 $1,000,000
Lornie Valley $2,500,000 $3,000,000
Equipment Cost Accumulated Depreciation
$5,000,000 $2,600,000 $3,000,000
There was no change in the estimated useful life or scrap value of the equipment.
Required:
Problem 1: You are required to perform the journal entries required to record the revaluations in accordance with relevant accounting standards.
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