A company purchased a building on 1 April 20X1 for $100,000. The asset had a useful life
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Question:
A company purchased a building on 1 April 20X1 for $100,000. The asset had a useful life at that date of 40 years. On 1 April 20X3 the company revalued the building to its current fair value of $120,000.
Required:
What are the gain/loss on revaluation and the impact on the accounts (i.e. in the Statement of Financial Position and Statement of Profit or Loss)?
Expert Answer:
Step 1 Revaluation surplus means the amount of profit due to revaluation of fixed a... View the full answer
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