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Provide the appropriate journal entries

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Question - P Ltd has two non-current assets: land and machinery at 30 June 2020. The carrying amount of land is $800,000 and machinery is $80,000 (cost $100,000 less accumulated depreciation $20,000). On 30 June 2020, P Ltd revalued both assets and the fair value land was $750,000 while fair value of machinery was $110,000. On 30 June 2021, fair value of land was $775,000 but the value of the machinery was unchanged. The tax rate is 30 percent.

Required - Provide the appropriate journal entries to record the revaluations of assets on 30 June 2020 to 30 June 2021.

Reference no: EM133073443

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