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Crinckle Co bought an asset for $10,000 at the beginning of 2006. It had a...

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Accounting

  1. Crinckle Co bought an asset for $10,000 at the beginning of 2006. It had a useful life of five years. On 1 January 2008 the asset was revalued to $12,000. The expected useful life has remained unchanged (i.e., three years remain). Required: Account for the revaluation and state the treatment for depreciation from 2008 onwards.

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