ABC Company uses IFRS for financial reporting and revalues its buildings in accordance with IFRS. . On
Fantastic news! We've Found the answer you've been seeking!
Question:
ABC Company uses IFRS for financial reporting and revalues its buildings in accordance with IFRS. . On January 1, 2009, ABC Company paid cash of $4,400,000 to acquire its only building, • The company uses straight line depreciation and the building has a 20-year life and no salvage value. · On December 31, 2010, the company revalued the building when the fair value of the building was $4,158,000 On December 31, 2012, the company sold the building for $3,970,000 • The company's accounting policy is to reverse a portion of revaluation surplus related to any increased depreciation expense. The entry to record the depreciation on December 31, 2011 is:
Related Book For
Intermediate Accounting
ISBN: 978-0324659139
11th edition
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
Posted Date: