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Record the revaluation of the plant by Deep Ltd

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Question - On 30 June 2019, Deep Ltd had an item of plant with an original cost of $200,000 and accumulated depreciation of $60,000. Deep Ltd depreciates all of its Property, Plant & Equipment items at 20% per annum using the straight-line method with zero residual value. On 30 June 2021, the fair value of the plant was determined at $95,000. Which of the following is one of the journal entries to record the revaluation of the plant by Deep Ltd on 30 June 2021 in accordance with IAS 16/ AASB 116 Property, Plant and Equipment?

Reference no: EM132927727

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