Prepare the appropriate journal entries to record the value

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surivanoroc ltd has two non current assets land and equipment both assets were aquired on 1 july 2019 the land cost $100000 and is measured ising revaluation model. The equipment cost $20000is measured using cost model the companuy expects the equipment to have useful life of 5 years and zero residual value.The assets values on 30 june 2020 are as follows

Asset.                    Fair value.                Recoverable amount
Land.                     120000.                           125000
Equipment.                 18000.                              15000

Required:

Question 1: Assuming indicator of impairment reversal exist on 30 June 2020. Prepare the appropriate journal entries to record the value changes for both assets on 30 June 2020. Show workings for assets revaluation andimpairment testing?

Reference no: EM132606505

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