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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.
Required
Question 1: Prepare the journal entries to revalue the buildings as at 30 June 2019. Note: Ignore tax effect for this question.
A piece of equipment with an original cost of $30,000 and a book value of $10,000 is sold for $11,000 cash. the journal entry to record the sale of the equipment would include a:
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