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Prepare all journal entries related to the land

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Reference no: EM132987194

Geelong Ltd purchases land for $300,000 in cash on 1 July 2020. In the subsequent periods, Geelong Ltd applies revaluation accounting for the land. It has the following information related to the land.

Date                       Fair value
1 July 2020           $300,000
30 June 2021         322,500
30 June 2022        277,500
30 June 2023           307,500

Geelong Ltd sold the land on 2 July 2023 for $330,000. Ignore tax effects.

Required:

Problem (a) Determine the amounts to be reported by Geelong Ltd on 30 June 2022 and 2023, as Other Comprehensive Income (OCI), Loss on revaluation, and Revaluation Surplus (or Accumulated Other Comprehensive Income).

Problem (b) Prepare all journal entries related to the land in 2021, 2022, and 2023, including the journal entries related to the sale of land on 2 July 2023.

Reference no: EM132987194

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