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An entity purchased property for $6 million on 1 July 20×3. The land element of the purchase was $1 million. The expected life of the building was 50 years and its residual value nil. On 30 June 20×5 the property was revalued to $7 million, of which the land element was $1.24 million and the building $5.76 million. On 30 June 20×7, property was sold for $6.8 million.
Required: Record transactions during this property’s life.
Can you guys please help me with this exercise before 4/10/2023? thank you so muchhhh
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