Question: Should depreciation continue to be recorded on a building when ample evidence exists that the current market value is greater than the original cost and

Should depreciation continue to be recorded on a building when ample evidence exists that the current market value is greater than the original cost and that the rising trend of market values is continuing? Explain. XYZ Limited did not charge depreciation for the year ending December 2019. What would be the effect of this on financial statements of the company? Discuss whether straight line method of depreciation is more suitable than reducing balance method

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