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An entity revalued its land and building at the start of the year 2020 to $10m.The property was costed $5m . The property was purchased on 1 jan 2010. The total useful life is 40 years. At 31 Dec 2020 the asset was valued at $4m.
The entity does not make a transfer to realised profit in respect of excess depreciation.
Reflect the above information on the financial statement as on 31 Dec 2020.
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