Reference no: EM133020892
Question - On 1 January, an entity carries an item of land at a cost of $1,000,000. The land is revalued to $1,500,000. What is the correct accounting entry to record the revaluation of the asset?
DR Asset revaluation surplus $500,000
CR Gain on revaluation of asset $500,000
DR Land $500,000
CR Asset revaluation surplus $500,000
DR Gain on revaluation of asset $500,000
CR Asset revaluation surplus $500,000
DR Land $500,000
CR Profit on revaluation of land $500,000
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