At the end of its first year of operations, Brianna Industries chose to use the revaluation framework

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At the end of its first year of operations, Brianna Industries chose to use the revaluation framework allowed under IFRS. Brianna’s ledger shows Equipment £480,000 and Accumulated Depreciation—Equipment £60,000. Prepare journal entries to record the following.

a. Independent appraisers determine that the plant assets have a fair value of £468,000.

b. Independent appraisers determine that the plant assets have a fair value of £400,000.

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Accounting Principles

ISBN: 978-1119419617

IFRS global edition

Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt

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