Alice Ltd acquired land in 2019 for a cash payment of $240 000. On 30...
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Accounting
Alice Ltd acquired land in 2019 for a cash payment of $240 000. On 30 June 2021, Alice Ltd revalued that land to $340 000. The company income tax rate is 30%,
Required: Prepare general journal entries for recognizing the tax effect of revaluation. (5 marks)
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