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Pigeon Ltd Purchased Land for $750,000 6 Years Ago

Question 26

Multiple Choice

Pigeon Ltd purchased land for $750,000 6 years ago.It was revalued on 31 December 2002 to $600,000.A subsequent revaluation on 31 December 2004 found the market value to be $900,000 due to a change in council zoning for the area.What are the journal entries required to record the revaluations on 31 December 2002 and 31 December 2004?


A) Pigeon Ltd purchased land for $750,000 6 years ago.It was revalued on 31 December 2002 to $600,000.A subsequent revaluation on 31 December 2004 found the market value to be $900,000 due to a change in council zoning for the area.What are the journal entries required to record the revaluations on 31 December 2002 and 31 December 2004? A) B) C) D) E) None of the given answers.
B) Pigeon Ltd purchased land for $750,000 6 years ago.It was revalued on 31 December 2002 to $600,000.A subsequent revaluation on 31 December 2004 found the market value to be $900,000 due to a change in council zoning for the area.What are the journal entries required to record the revaluations on 31 December 2002 and 31 December 2004? A) B) C) D) E) None of the given answers.
C) Pigeon Ltd purchased land for $750,000 6 years ago.It was revalued on 31 December 2002 to $600,000.A subsequent revaluation on 31 December 2004 found the market value to be $900,000 due to a change in council zoning for the area.What are the journal entries required to record the revaluations on 31 December 2002 and 31 December 2004? A) B) C) D) E) None of the given answers.
D) Pigeon Ltd purchased land for $750,000 6 years ago.It was revalued on 31 December 2002 to $600,000.A subsequent revaluation on 31 December 2004 found the market value to be $900,000 due to a change in council zoning for the area.What are the journal entries required to record the revaluations on 31 December 2002 and 31 December 2004? A) B) C) D) E) None of the given answers.
E) None of the given answers.

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