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Prepare journal entries for asset revaluation increases anddecreases anddepreciation over periods. LO4, 7 Red Ltd has...

Prepare journal entries for asset revaluation increases anddecreases anddepreciation over periods. LO4, 7 Red Ltd has the following land and buildings in its accounts as at 30 June 2019:
$’000 Land in Darwin, at valuation 2016 400 Land in Perth, at valuation 2016 1200 Buildings in Perth, at valuation 2016 800 Accumulated depreciation (150)
An independent valuation carried out on 30 June 2019 determined the following fair values: land in Darwin $600000, land in Perth $1000000, buildings $500000. At 30 June 2019, prior to the independent valuation, the balance of the revaluation surplus account was $400000, of which $300000 related to the land in Perth and $100000 related to the buildings. Assume depreciation has been recorded for the year ending 30 June 2019. Required Record all entries relating to the revaluation of the assets on 30 June 2019.

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