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What is the journal entry for december

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On 31 December 2017, the company revalued Land . The fair value of Land on that date was $80,000. the fair value before revalue is 20,000

There was a revaluation in 31 december 2016 , increasing the fair value by 100,000

Dr. Land 100,000

Cr. Revaluation Surplus 70,000 (Calculated as: 100,000 - 30,000 = 70,000)

Cr. Deferred Tax Liability 30,000

Question 1: What is the journal entry for 31 december 2017 ??

Reference no: EM132525990

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