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What are the appropriate entries to record the revaluation

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Question - Manchester Ltd has a building that originally cost $850 000 and has accumulated depreciation of $120 000 as at 30 June 2012. It is decided on 1 July 2012 that the building should be revalued to $820 000. What are the appropriate entries to record the revaluation using the net method?

Reference no: EM132536746

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