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Prepare the journal entries to revalue the land on april

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Reference no: EM132976910

On 1 July 2021, Madalena Ltd. purchased land for $130,000 (ignore GST) and recorded it at cost. On 1 April 2026, Madalena Ltd. decided to revalue the land. At that time, the fair value of that land was $138,000.

Required:

Problem 1: Prepare the journal entries to revalue the land on 01 April 2026.

Reference no: EM132976910

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