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Provide journal entries for the years ending June

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Question - On 14 February 2018 Doxton Ltd revalued land from $300,000 to $380,000. Due to a decline in the market the land was subsequently revalued on 14 February 2019 to $340,000. Doxton Ltd again revalued the land downwards to $280,000 on 14 February 2020.

REQUIRED - Provide journal entries for the years ending 30 June 2018, 2019 and 2020 in accordance with AASB116 Property, Plant and Equipment. Indicate other comprehensive income (OCI) or profit and loss (P&L) for gains/losses. Exclude journal narrations.

Reference no: EM132618204

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