On 30 June 2021, Wheel Ltd opted to adopt the revaluation model to measureland. According to AASB116, applying the revaluation model, which of thefollowing figures must be used to measure land on 30 June 2021:Financial ValueAt date:AmountConcept30 June 2018$500,000Initial cost whenpurchasedSelling price for land30 June 2021$950,00030 June 2021$900,000Cost to purchase anidentical block of land$800,000Present Value ofestimated cash inflowsfrom using land30 June 2021Select one:a. $950,000O b. $900,000O c. $500,000O d. $800,000

Answer:- AASB 116:- It is the accounting standard relating to the "Property, Plant &…

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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