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PART C
At 30 June 2009 Fedyou Ltd undertook a comprehensive valuation of all of its PPE assets. The results of the revaluation exercise were as follows:
Asset Fair Value 30 June 2009
Land $140,000
Plant 120,000
Computers 45,000
Vehicles 25,000
Required:
Having regard to the requirements of Accounting Standard AASB116 Property Plant and Equipment and AASB136 Impairment of Assets prepare the journal entries required (including tax effects) if the assets were revalued to fair value at 30 June 2009
PART D
Under current accounting standards revaluation increments on PPE assets are credited to a revaluation surplus account in equity, whereas a revaluation decrement may be recognised as an expense under certain circumstances.
Complete the subsequent tax return's
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