Company One purchased land for $900,000 some years ago. Fair value was $450,000 at the beginning of this year and $340,000 at the end of this year.
Prepare the journal entry to record this year's revaluation adjustment.

Question

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The Answer of Company One purchased land for $900,000 some years ago. Fair value was $450,000 at the beginning of this year and $340,000 at the end of this year.
Prepare the journal entry to record this year's revaluation adjustment.

Company One Purchased Land for $900,000 Some Years Ago