Pine inc. adopts the revaluation model for its plant and machinery. The company acquires one item...
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Pine inc. adopts the revaluation model for its plant and machinery. The company acquires one item of plant for HK$10,000 on 1 January 2021. The plant is depreciated on a straight-line basis over its useful economic life, which is estimated to be five years. On 1 January 2023 the company revalues the plant at its fair value of HK$9,600. On 1 January 2025 the plant is sold for HK$4,000. Any revaluation surplus is amortised to retained earnings as the plant is being depreciated. Required Determine revaluations surplus if any and prepare journal entries for Jan. 1 2023 and Jan. 12025 Pine inc. adopts the revaluation model for its plant and machinery. The company acquires one item of plant for HK$10,000 on 1 January 2021. The plant is depreciated on a straight-line basis over its useful economic life, which is estimated to be five years. On 1 January 2023 the company revalues the plant at its fair value of HK$9,600. On 1 January 2025 the plant is sold for HK$4,000. Any revaluation surplus is amortised to retained earnings as the plant is being depreciated. Required Determine revaluations surplus if any and prepare journal entries for Jan. 1 2023 and Jan. 12025
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Solution Revaluation Surplus On 1 January 2023 the company revalued the plant at its fair value of H... View the full answer
Related Book For
Calculus For Business, Economics And The Social And Life Sciences
ISBN: 9780073532387
11th Brief Edition
Authors: Laurence Hoffmann, Gerald Bradley, David Sobecki, Michael Price
Posted Date:
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