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Prepare necessary journal entries to account for revaluation

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Question - On 30 June 2022, the balance sheet of XYZ Ltd contains the following:

Equipment 600,000

Less Accumulated Depreciation 75,000

525,000

On 30 June 2022, the fair value of this equipment is estimated to be $470,000. XYZ Ltd uses the revlauation model.

Required - Prepare the necessary journal entries to account for this revaluation.

Reference no: EM133167314

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