Reference no: EM133000022

Kolam Ltd had the following noncurrent assets on its balance sheet at 30 June 2019:

Land 160,000

Plant 75,000

Less: Accumulated Depreciation 15,000 60,000

$220,000

On 1 July 2019, the land was revalued to $150,000, and the plant and equipment was revalued to $70,000. One year later, on 1 July 2020, the recoverable amount of the plant and equipment was determined to be $50,000, and it was revalued accordingly. Depreciation for all relevant items is straight-line, at an annual rate of 10 per cent.

Required:

Problem i) Provide journal entries to record the revaluation of the land on 1 July 2019.

Problem ii) Providee journal entries to record the revaluation of the plant and equipment on 1 July 2019.

Problem iii) Provide journal entries to record the revaluation of the plant and equipment on 1 July 2020.