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Prepare the general journal entries for the year ended

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Question - The following information relates to Lend Lease Ltd: Lend Lease Ltd purchased buildings on 1 July 2013 for a cost of $900,000 with an anticipated residual of $400,000 and useful life of 20 years. At 30 June 2019 the accumulated depreciation was $150,000.

The buildings are being depreciated using the straight-line method.

The buildings are being recorded under the fair value model.

There was an upward revaluation of the buildings by $70,000 at the end of last year, 30 June 2019, to a fair value of $820,000.

At 30 June 2020 the fair value of the buildings was estimated at $700,000.

Required - Prepare the general journal entries for the year ended 30 June 2020 for the buildings, taking into account the information provided above. Justify your entries.

Reference no: EM132977093

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