Manchester Ltd has a building that originally cost $850 000 and has accumulated depreciation of $120...

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Manchester Ltd has a building that originally cost $850 000 and has accumulated depreciation of $120 000 as at 30 June 2021. It is decided on 1 July 2021 that the building should be revalued to $820 000. What are the appropriate entries to record the revaluation using? O Dr Asset Revaluation Surplus 30,000, Cr Building 30,000 O Dr Accumulated depreciation 30,000, Cr Building 30,000 and Dr Accumulated Depreciation 90,000, Cr Asset Revaluation Surplus 90,000 O Dr Building 90,000, Cr Asset revaluation surplus 90,000 O Dr Accumulated Depreciation 120,000, Cr Building 120,000, and Dr Building 90,000, Cr Asset Revaluation Surplus 90,000 Manchester Ltd has a building that originally cost $850 000 and has accumulated depreciation of $120 000 as at 30 June 2021. It is decided on 1 July 2021 that the building should be revalued to $820 000. What are the appropriate entries to record the revaluation using? O Dr Asset Revaluation Surplus 30,000, Cr Building 30,000 O Dr Accumulated depreciation 30,000, Cr Building 30,000 and Dr Accumulated Depreciation 90,000, Cr Asset Revaluation Surplus 90,000 O Dr Building 90,000, Cr Asset revaluation surplus 90,000 O Dr Accumulated Depreciation 120,000, Cr Building 120,000, and Dr Building 90,000, Cr Asset Revaluation Surplus 90,000

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Answer Dr Building 90000 Cr Asset rev... View the full answer