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Prepare the journal entries during the period

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Question - On 1 July 2018 ABC Ltd. acquired a land for 100,000 which is measured using the revaluation model. At 30 June 2019, Land was assessed to have a fair value of $150,000. At 30 June 2020, Land was assessed to have a fair value of $90,000.

Required - Prepare the journal entries during the period 30 June 2019 to 30 June 2020 in relation to the Land.

Reference no: EM132848772

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