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Question - Ponting Ltd is a manufacturer of cricket bats and equipment for the Australian Olympic team. On 1 July 2009, it purchased land with a grove of mature willow trees of the type used in the manufacture of cricket bats. The land was purchased for $400,000 cash. In 2010 it was found that the trees were producing better than expected bats, and the land was revalued to a fair value of $450,000. Unfortunately, in 2011 it was found that some of the land was subject to flooding and unusable and the land was revalued to $420,000. The current tax rate is 30%.
Required - Prepare all journal entries related to the land that are required on 30 June 2010 and 2011. Assume the revaluation model is used. Clearly show all your calculations. Narrations are not required.
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