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Conquest Ltd owns two blocks of residual land acquired in 20X2 for the purposes of future residential development. Block L cost $500,000 and Block S cost $175,000.
Valuations of the blocks are undertaken by an independent valuer on 30 June 20X4 and 30 June 20X6. The assessed values are:
20X4 valuation 20X6 valuation Block L $460,000 $580,000 Block S $185,000 $170,000 Required:
Problem a) Assuming asset revaluations were undertaken for the land in both 20X4 and 20X6, provide the journal entries for both years.
Problem b) What effect will an asset revaluation have on subsequent periods' profits? Explain.
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