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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 $ 120,000. At 30 June 2021, Land was assessed to have a fair value of $ 95,000.
Required -
1) Prepare the journal entries during the period 30 June 2019 in relation to the Land. (Please ignore the tax effect.)
2) Prepare the journal entries during the period 30 June 2020 in relation to the Land. (Please ignore the tax effect.)
3) Prepare the journal entries during the period 30 June 2021 in relation to the Land. (Please ignore the tax effect.)
Bevis Bag Co. purchased a tract of land on August 31 of the current year, paying $225,000. Prior to the sale, the seller paid property taxes of $18,000 on the property. The taxes covered the calendar year period January 1 through December 31. Will Be..
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