On 30 June 2021, Wheel Ltd opted to adopt the revaluation model to measu land. According to AASB116, applying the revaluation model, which of the following figures must be used to measure land on 30 June 2021: Amount Financial Value Concept At date: $500,000 Initial cost when purchased 30 June 2018 Selling price for land 30 June 2021 $950,000 30 June 2021 $900,000 Cost to purchase an identical block of land 30 June 2021 $800,000 Present Value of estimated cash inflows from using land Select one: O a. $950,000 Ob. $900,000 c. $500,000 d. $800,000
On 30 June 2021, Wheel Ltd opted to adopt the revaluation model to measu land. According to AASB116, applying the revaluation model, which of the following figures must be used to measure land on 30 June 2021: Amount Financial Value Concept At date: $500,000 Initial cost when purchased 30 June 2018 Selling price for land 30 June 2021 $950,000 30 June 2021 $900,000 Cost to purchase an identical block of land 30 June 2021 $800,000 Present Value of estimated cash inflows from using land Select one: O a. $950,000 Ob. $900,000 c. $500,000 d. $800,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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