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Prepare the journal entries to revalue the buildings

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Reference no: EM132555129

On 30 June 2018, the statement of financial position of Koala Ltd showed the following non-current asset after charging depreciation: Buildings 300,000 Accumulated Depreciation 100,000 Carrying Amount 200,000 The company adopted fair value for the valuation of its non-current assets. This has resulted in the recognition in previous periods of an asset revaluation surplus for the building of $14,000. On 30 June 2019, an independent valuer assessed the fair value of the building to be $160,000.

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Question 1: Prepare the journal entries to revalue the buildings as at 30 June 2019. Note: Ignore tax effect for this question.

Reference no: EM132555129

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