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Unformatted text preview: Cr Revaluation Reserve $50,000 (OCI) Y 2 Market value: $120,000 $100,000 $120,000 Dr Revaluation Reserve $30,000 (OCI) Cr Land $30,000 Y 3 Market value: $75,000 $75,000 Dr Loss on impairment of Land $25,000 Cr Allowance for impairment $25,000 $75,000 Dr Loss on devaluation of Land $25,000 (Income) Dr Revaluation Reserve $20,000 (OCI) Cr Land $45,000 Y 4 Market value: $100,000 $100,000 $75,000 Dr Allowance for impairment $25,000 Cr Gain on re-evaluation of Land $25,000 OR Do nothing $100,000 Dr Land $25,000 Cr Gain on revaluation of Land $25,000 (Income) OCI= Other comprehensive income (AASB101) Note: new terminology: Revaluation Reserve instead of Asset Revaluation Reserve. Special thanks to Brian Booth for his technical expertise....
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- One '10
- Balance Sheet, Comprehensive income, Revaluation Reserve, Dr Land, Dr Revaluation Reserve