PROBLEM: Consecutive balance sheets of Cow Ltd showed the following balances: 30 June 2021 30 June 2020 Land $850,000 Asset revaluation surplus $150,000 $500,000 During the year ended 30 June 2021, the land was revalued upwards by $150,000, and $120,000 was borrowed to acquire land. What was the value of land purchased for cash?
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- PrblmFrom the following forecast the Balance sheet for the year 2021Balance sheet as of 31/12/2020Liabilities& Equity AmountAssetsAmountEquity33,000 Plant and machinery 10,000Retained earnings 10,000 Land Property20.000Accounts payable 7,000 Accounts receivables 3.000Inventories10.000Cash in hand2000Cash at Bank5.00050,00050,0001. It is expected that the company will make a net income of10% of forecasted sales2. The company will purchase additional 5000 OMR worthmachines by taking an additional loan of 5000 OMR3. Forecasted sales OMR 100,0004. Dividend payout will be 50%5. The following estimates are also given;Accounts payable 10,000Accounts receivable 6,000Inventories 15,000Cash in hand 6.000Cash at bank 1,000Need help with this question
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