Company ABC owns a building with a cost of $ 400,000, accumulated depreciation of $...
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Accounting
Company ABC owns a building with a cost of $ 400,000, accumulated depreciation of $ 60,000, and a book value of $ 340,000. Assume that the market value of the building is $ 370,000 by year-end.
Assuming that the company uses IFRS, the journal entries related to the revaluation that ABC must prepare for December 31 will require
Multiple Choice
A debit (increase) to expense of $ 60,000
A debit (increase) to an expense of $ 30,000 A credit (increase) to revaluation surplus for $ 60,000 A credit (increase) to revaluation surplus for $ 30,000
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