Reference no: EM132990736
Smithtown Ltd has following land and building in its accounts as at 2020, Prior to revaluation:
Land in Wellington, at cost 1,000,000
Land in Adelaide, at valuation 2017 900,000
Buildings in Adelaide, at valuation 2017 700,000
Accumulated Depreciation-Buildings (84,000)
At 30 June 2020, prior to the revaluation, the balance of the Revaluation Reserve was 200,000, of which 150,000 relates to the land in Adelaide and 50,000 relates to the buildings. An independent valuation carried out on this date determined the following fair value:
Land in Wellington 1,200,000
Land in Adelaide 700,000
Buildings in Adelaide 720,000
The estimated remaining useful life of the buildings is 20 years with nil residual. On 1 July 2021, land and buildings in Adelaide were sold for 1,400,000.
Required:
Problem 1: Record all journal entries from 30 June 2020 to 1 July 2021.
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