Reference no: EM133042532
Question - Petersen Led has the following land and buildings in its financial statements as at 30 June 2022:
Residential land, at cost 1,000,000
Factory land, at valuation 2020 900,000
Buildings, at valuation 2020 800,000
Accumulated depreciation (100,000)
At 30 June 2022, the balance of the revaluation surplus is $400 000, of which $300 000 relates to the factory land and $100 000 to the buildings. On this same date, independent valuations of the land and buildings are obtained. In relation to the above assets, the assessed fair values at 30 June 2022 are:
Residential land, previously recorded at cost 1,100,000
Factory land, previously revalued in 2020 700,000
Buildings, previously revalued in 2020 900,000
Required - Provide the journal entries to account for the revaluation on 30 June 2022. Petersen Ltd classifies the residential land and the factory land as different classes of assets.
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