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Provide the journal entries for both years

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Reference no: EM133057840

Question - Victor Ltd owns two blocks of commercial land acquired in 20X1 for the purposes of future development. Block M cost $400,000 and Block N cost $300,000.

Valuations of the blocks are undertaken by an independent valuer on 30 June 20X3 and 30 June 20X5. The assessed values are:

 

20X3 valuation

20X5 valuation

Block M

$430,000

$455,000

Block N

$272,000

$329,000

Required - Assuming asset revaluations were undertaken for the land in both 20X3 and 20X5, provide the journal entries for both years.

If a reporting entity elects to use either cost or fair value as the basis for measuring its property, plant and equipment, can it elect to switch to the other method at a later time?

Reference no: EM133057840

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