PPE revaluation decrement 2

On 31 March 2020, an item of PPE is revalued. Its carrying amount after the elimination of depreciation is $80,000.

A revaluation Increment of $10,000 had previously been recognised in relation to this asset.

The Fair Value of the asset is $40,000

Q :Please prepare the journal that needs to be recorded on 31 March 2020

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