Question: Please this is the third time that i post this question again so please pay attention give me correct answers. ( I need the journal
Please this is the third time that i post this question again so please pay attention give me correct answers.
( I need the journal entry in a chart )
Answer the following questions: A property was purchased on 1 January 20XO for $2m (estimated depreciable amount $1m useful economic life 50 years). Annual depreciation of $20,000 was charged from 20X0 to 20X4 inclusive and on 1 January 205 the carrying value of the property was $1.9m. The property was revalued to $2.8m on 1 January 205 (estimated depreciable amount $1.35m the estimated useful economic life was unchanged). Required Calculate the revaluation gain and prepare the journal entry to account for the revaluation and compute the revised annual depreciation charge. I need the journal entry in a chart
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