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Question 4 A piece of land was acquired for $500,000 cash on 1 January 2017....

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Accounting

Question 4 A piece of land was acquired for $500,000 cash on 1 January 2017. The land is not subject to depreciation and is revalued at each fiscal year-ending 31 December. Details about the fair value at each year-end are as follows: 31.12.2017 $510,000 31.12.2018 $495,000 The land was sold on 1 August 2019 for $503,000 cash. Required: Prepare all relevant entries relating to the land for 2017 to 2019. Indicate the date next to each entry.

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