A building has a cost of $500,000 and accumulated depreciation of $40,000. The current value of the

Question:

A building has a cost of $500,000 and accumulated depreciation of $40,000. The current value of the building is estimated to be $730,000. The company that owns the building is based in Genovia and uses international financial reporting standards. The company has chosen to recognize increases in the value of long-term operating assets. Make the necessary journal entry.