What are necessary entries to revalue the building

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On 30 June 2019, the draft statement of financial position of West Ltd showed the following non-current assets after charging depreciation.

Building                           $550,000

Accumulated depreciation    (250,000)

                                            $300,000

The company has adopted fair value for the valuation of non-current assets. This has resulted in the recognition in previous periods of an asset revaluation surplus for the building of $30,000. On 30 June 2019, an independent valuer assessed the fair value of the building to be $350,000.

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Question 1: What are necessary entries to revalue the building as at 30 June 2019.

Reference no: EM132553872

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