On 31 December 2020, a company acquires land for R500 000. The land is revalued ...
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On 31 December 2020, a company acquires land for R500 000. The land is revalued at R530 000 on 31 December 2021 and R460 000 on 31 December 2022.
The company prepares financial statements to 31 December each year and uses the revaluation model in relation to land.
The correct accounting treatment of each revaluation in the statement of comprehensive income is as follows:
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