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Builders Ltd purchased a block of land on 1 January 2018 for $50,000. On 1 January...

Builders Ltd purchased a block of land on 1 January 2018 for $50,000. On 1 January 2019, Builders Ltd hire an independent valuer to conduct the revaluation of land. The valuer assessed the value of land to its fair value at $100,000. The land was revalued again on 1 January 2020 and due to the COVID-19 pandemic environment the fair value of land decreased to $80,000. Note: Ignore income tax effect.

Required: Prepare the journal entries required to record the purchase of land on 1 January 2018 and the revaluation adjustment for the year ended 30 June 2019 and 30 June 2020.

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