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Provide journal entries for 1 february 2021

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Reference no: EM133206300

Assignment:

LMN Ltd purchased 1000sqm land in Sydney's South for $210,000 on 1 February 2021. Land prices grew rapidly in the following months. On 30 June 2021 the fair value of land had increased to 250,000. In the next year New South Wales government decided and finalised the flight path for all the aircrafts of the new airport which will cross over LMN Ltd's block of land. Due to this new information and possible aircraft noise the fair value of the land falls to $150,000 on 30 June 2022.

Required:

LMN Ltd has opted for revaluation model. Provide journal entries for 1 February 2021, 30 June 2021, and 30 June 2022.

Reference no: EM133206300

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