Impairment 25000 75000 dr loss on devaluation of land

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Unformatted text preview: $75,000 Dr Loss on devaluation of Land $25,000 (P&L) Dr Revaluation Reserve $20,000 (OCI) Cr Land $45,000 Y4 Market value: $110,000 $100,000 Dr Allowance for impairment $25,000 Cr Gain on reversal of impairment $25,000 $110,000 Dr Land $35,000 Cr Gain on revaluation of Land $25,000 (P&L) Cr Revaluation Reserve $10,000 (OCI) No journal entry No journal entry *Assuming land is revalued on a yearly basis. OCI= Other comprehensive income (AASB101) Note: new terminology: Revaluation Reserve instead of Asset Revaluation Reserve. Special thanks to Brian Booth for his technical expertise. 2...
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