The ACCA F7-Mini Exercise 6-Q4

Hi,

The ACCA F7 Paper: Exercise 6-Q4 (Pg 210)

Thanks for clarifying the previous question.

The leasehold property had a remaining life of 20 years at 1 October 2008. The company’s policy is to revalue its property at each year end and at 30 September 2009 it was valued at $43 million. Ignore deferred tax on the revaluation.

Would this be the right journal entry for this part of the question?

Dr. Accum depr 2, 500, 000
Dr. Revaluation 4,500, 000
Cr. Leasehold property 7,000,000

Thanks.