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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.
The company established one of its subsidiary company in India to sell the clothes and accessories of the non-resident parent company
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