An item of Plant and equipment is carried under the revaluation model and at the reporting...
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An item of Plant and equipment is carried under the revaluation model and at the reporting date, the accounting records reveal the following information: Cost $653 million Accumulated depreciation $178 million At the same date, the fair value of the asset is estimated to be $498 million and its value-in-use is estimated at $511 million. State, in $ millions, the carrying amount at which the Plant and equipment would be reported. An item of Plant and equipment is carried under the revaluation model and at the reporting date, the accounting records reveal the following information: Cost $653 million Accumulated depreciation $178 million At the same date, the fair value of the asset is estimated to be $498 million and its value-in-use is estimated at $511 million. State, in $ millions, the carrying amount at which the Plant and equipment would be reported.
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Income statement Original Revised Sales 6538920 6538920 Cost of goods sold 4326860 4208515 Gross Mar... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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