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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.
If Belden sells its entire investment in Sheffield on January 1, 2019, for $430,000 cash, what is the impact on Belden's income
During June, an additional 9,000 diamonds were started. 7,000 diamonds were completed and transferred to finished goods. Calculate the equivalent units
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