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An extract of a company's draft statement of financial position at 30 June 2012 discloses the following:
Plant (at cost) $500 000
Less Accumulated depreciation 300 000 $200 000
On 30 June 2013, the company assessed the fair value of the plant to be $350 000. At 30 June 2014, the carrying amount of the plant was $250 000.
The tax rate is 30%. Depreciation rates are 10% p.a. (accounting) and 12.5% p.a. (tax) using the straight-line method.
The journal entries necessary to record the revaluation of plant (ignoring any tax effect) at 30 June 2013 in accordance with IAS 16 Property, Plant and Equipment is:

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The Answer of Use the following information to answer this question.
An extract of a company's draft statement of financial position at 30 June 2012 discloses the following:
Plant (at cost) $500 000
Less Accumulated depreciation 300 000 $200 000
On 30 June 2013, the company assessed the fair value of the plant to be $350 000. At 30 June 2014, the carrying amount of the plant was $250 000.
The tax rate is 30%. Depreciation rates are 10% p.a. (accounting) and 12.5% p.a. (tax) using the straight-line method.
The journal entries necessary to record the revaluation of plant (ignoring any tax effect) at 30 June 2013 in accordance with IAS 16 Property, Plant and Equipment is:

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