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Provide the journal entries for both years

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Question - Kanga Cairns Ltd owns two blocks of beachfront land, acquired in 2015 for the purposes of future residential development. Block A cost $243,000 and Block B cost $369,500.

Valuations of the blocks are undertaken by an independent valuer on 30 June 2017 and 30 June 2019. The assessed values are:

 

2017 valuation($)

2019 valuation($)

Block A

223,250

308,950

Block B

389,250

349,250

REQUIRED - Assuming asset revaluations were undertaken for the land in both 2017 and 2019, provide the journal entries for both years.

Reference no: EM132894549

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