Reference no: EM132554226
On 1 July 20X0, ABC Enterprises Limited bought two parcels of land for cash and uses the revaluation model to maintain the asset value. Income tax rate is 30%. The information relating to the assets are as follows.
Data are as follows
Property location Bexhill
Property type Land
Valuation model Fair value.
1 July 20X0 $900,000
Year ending 30 June 20X1 $1,000,000
Year ending 30 June 20X2 $700,000
Year ending 30 June 20X3 $900,000
Property location Bromwich
Property type Land
Valuation model Fair value
1 July 20X0 $700,000
Year ending 30 June 20X1 $500,000
Year ending 30 June 20X2 $300,000
Year ending 30 June 20X3 $600,000
Question 1: Prepare journal entries as at 1 July 20X0, 30 June 20X1, 30 June 20X2, 30 June 20X3
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