Question 4 (6 marks) On 1 July 20x1, Large Mart purchases a new
building (and the associated land) in Sydney. Large Mart paid
$1,000,000 for the land and $800,000 for the building. Large Mart
will use the building for 30 years, after which time the building
will have a residual value of 50,000. Large Mart will depreciate
this building, using the declining balance depreciation method,
with a yearly depreciation percentage of 6.67%. On 1 July 20x3,
Large Mart decides to revalue the building (current fair value
600,000) to its most up-to date fair value. Required: A) Calculate
the yearly amount of depreciation for the building for the year
ended 30 June 20x3, AND provide an outline of your calculations. (2
marks) B) Provide all journal entries that are necessary to record
the depreciation of the building for the years ended 30 June 20x2
and 30 June 20x3, AND the revaluation of the building on 1 July
20x3, AND provide an outline of all necessary calculations. (4
marks)