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Question 2 (8 marks) Petersen Ltd has the following land and building in its financial statements as at 30 June 2018: 1 000 000 900 000 800 000 (100 000) Residential land, at cost actory land, at valuation 2016 Buildings, at valuation 2016 Accumulated depreciation At 30 June 2018, the balance of the revaluation surplus is $400 000, of which $300 000 relates to the factory land and $100 000 to the buildings. On this same date, independent valuations of the land and building are obtained. In relation to the above assets, the assessed fair values at 30 June 2018 are: Residential land, previously recorded at cost 1 100 000 Factory land, previously revalued in 2016 Buildings, previously revalued in 2016 700 000 900 000 Required Provide the journal entries to account for the revaluation on 30 June 2018. Petersen Ltd classifies the residential land and the factory land as different classes of assets.

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