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Find what would be journal entry to record the revaluation

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Question 1: In the first year of business, Newport Ltd purchased land for $5 million. In the second year, a reputable, independent property valuer's report shows that the value of the land is estimated at $2 million. In the third year, the value of the land is estimated at $6 million. Newport Ltd uses the revaluation method. What would be the journal entry to record this revaluation in the third year?

Reference no: EM132494007

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