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SuperDuper Ltd purchased land for $750 000 six years ago. It was revalued on 31...

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Accounting

SuperDuper Ltd purchased land for $750 000 six years ago. It was revalued on 31 December 2019 to $600 000. A subsequent revaluation on 31 December 2021 found the market value to be $900 000 due to a change in council zoning for the area.

Required:

Present the journal entries required to record the revaluations on 31 December 2019 and 31 December 2021. (Show all calculations and workings clearly)

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