Question: An item of Plant and equipment is carried under the revaluation model and at the reporting date, the accounting records reveal the following information:

An item of Plant and equipment is carried under the revaluation model and at the reporting date, the   

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.

Step by Step Solution

3.40 Rating (163 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Income statement Original Revised Sales 6538920 6538920 Cost of goods sold 4326860 4208515 Gross Mar... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!