ABC Ltd has the following land and buildings in its financial statements as at 30 June 2022: Residential land, at cost 2,260,000 Factory land, at valuation 2020 2,034,000 Buildings, at valuation 2020 1,808,000 Accumulated depreciation -226,000 At 30 June 2022, the balance of the revaluation surplus is $904 000, of which $678 000 relates to the factory land and $226 000 to the buildings. On this same date, independent valuations of the land and buildings are obtained. In relation to the above assets, the assessed fair values at 30 June 2022 are: Residential land, previously recorded at cost 2 486 000 Factory land, previously revalued in 2020 1 582 000 Buildings, previously revalued in 2020 2 034 000 Required: Provide the journal entries to account for the revaluation on 30 June 2022. ABC Ltd classifies the residential land and the factory land as different classes of assets.
ABC Ltd has the following land and buildings in its financial statements as at 30 June 2022:
|
Residential land, at cost |
2,260,000 |
|
Factory land, at valuation 2020 |
2,034,000 |
|
Buildings, at valuation 2020 |
1,808,000 |
|
|
-226,000 |
At 30 June 2022, the balance of the revaluation surplus is $904 000, of which $678 000 relates to the factory land and $226 000 to the buildings. On this same date, independent valuations of the land and buildings are obtained. In relation to the above assets, the assessed fair values at 30 June 2022 are:
|
Residential land, previously recorded at cost |
2 486 000 |
|
Factory land, previously revalued in 2020 |
1 582 000 |
|
Buildings, previously revalued in 2020 |
2 034 000 |
Required:
Provide the
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