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Prepare the journal entries required to revalue the assets

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Revaluation adjustments and reversals

The following data from Gordon Ltd's accounts relates to two assets at 30 June 2022.

                                             Asset Value                 Accumulated depreciation                  Carrying amount

Land                                       $ 2,640,000                      $ -                                      $ 2,640,000

Plant and Equipment                    $ 330,000                    $ 66,000                                  $ 264,000

At 30 June 2022, Gordon Ltd decides to adopt the revaluation model for both these assets.On this date land has a fair value of $2475000 and plant and equipment has a fair valueof $363000. On 30 June 2023, Gordon Ltd reviews the value of its assets. The fair value ofland is reassessed as $2557500. Plant and equipment has no change in value on that date.

Required

Problem 1: Prepare the journal entries required to revalue the assets for the year ended 30 June 2022 and the 30 June 2023.

Reference no: EM132623545

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