At the end of its first year of operations Escobar
At the end of its first year of operations, Escobar Company chose to use the revaluation framework allowed under IFRS. Escobar’s ledger shows Plant Assets $475,000 and Accumulated Depreciation—Plant Assets $60,000. Prepare journal entries to record the following.
(a) Independent appraisers determine that the plant assets have a fair value of $460,000.
(b) Independent appraisers determine that the plant assets have a fair value of $400,000.

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