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Prepare journal entries as at july and june

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Reference no: EM132554226

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

Reference no: EM132554226

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