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Prepare the journal entries required to record revaluation

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On 1 January 2019, Lima Ltd revalued land from $100,000 to $200,000. On 1 January 2020, the company subsequently revalued the land to $160,000. And on 1 January 2021, the company again revalued the asset downwards to $80,000.

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Question 1: Prepare the journal entries required to record the revaluation adjustment for the year ended 30 June 2019; 30 June 2020 and 30 June 2021

Reference no: EM132588378

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