On 30 June 2020, ABC Limited had an item of plant with an original cost of $100000
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Question:
On 30 June 2020, ABC Limited had an item of plant with an original cost of $100000 and accumulated depreciation of $20000. At this date, the fair value of the plant was $90000.
The net effect of the journal entries necessary to record the revaluation of the plant by ABC Ltd to fair value on 30 June 2020 in accordance with AASB 116 Property, Plant and Equipment is (ignore the tax)?
Expert Answer:
When a company revalues its property plant and equipment PPE to fair value in accordance with accoun... View the full answer
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