Question: At the end of its first year of operations, Brianna Company chose to use the revaluation framework allowed under IFRS. Briannas ledger shows Plant Assets

At the end of its first year of operations, Brianna Company chose to use the revaluation framework allowed under IFRS. Brianna’s ledger shows Plant Assets $480,000 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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