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Kanga Cairns Ltd owns two blocks of beachfront land, acquired in 2011 for the purposes of future residential development. Block A cost $250 000 and Block B cost $350 000.
Valuations of the blocks are undertaken by an independent valuer on 30 June 2013 and 30 June 2015. The assessed values are:
2013 valuation 2015 valuation
Block A 230 000 290 000
Block B 370 000 340 000
Required
Assuming asset revaluations were undertaken for the land in both 2013 and 2015, provide the journal entries for both years LO 6.3, 6.8

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