PART B Kolam Ltd had the following noncurrent assets on its balance sheet at 30...
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PART B Kolam Ltd had the following noncurrent assets on its balance sheet at 30 June 2019: Land 160,000 Plant 75,000 Less: Accumulated Depreciation 15,000 60,000 $220,000 On 1 July 2019, the land was revalued to $150,000, and the plant and equipment was revalued to $70,000. One year later, on 1 July 2020, the recoverable amount of the plant and equipment was determined to be $50,000, and it was revalued accordingly. Depreciation for all relevant items is straight-line, at an annual rate of 10 per cent. Required: i) Prepare journal entries to record the revaluation of the land on 1 July 2019. (1 mark) ii) Prepare journal entries to record the revaluation of the plant and equipment on 1 July 2019. (2 marks) iii) Prepare journal entries to record the revaluation of the plant and equipment on 1 July 2020. (2 marks)
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