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Basie Ltd purchased a building at a cost of $1,200,000 on 30 June 2018. The...

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Accounting

Basie Ltd purchased a building at a cost of $1,200,000 on 30 June 2018. The building is depreciated on a straight-line basis over 10 years with zero residual value. Basie Ltd values the building using the Revaluation (Fair Value) Model. On 30 June 2019, Basie Ltd revalued the building to its fair value of $1,350,000.

a) Provide the journal entries to record the revaluation of the building on 30 June 2019. Show all workings necessary to determine your answer. (3 marks)

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