At the end of its first year of operations, Brianna Industries chose to use the revaluation framework
Question:
At the end of its first year of operations, Brianna Industries chose to use the revaluation framework allowed under IFRS. Brianna’s ledger shows Equipment £480,000 and Accumulated Depreciation—Equipment £60,000. Prepare journal entries to record the following.
a. Independent appraisers determine that the plant assets have a fair value of £468,000.
b. Independent appraisers determine that the plant assets have a fair value of £400,000.
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a Journal Date Account Debit Credit Equipment 48000 Revaluation surplus 4...View the full answer
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Related Book For 
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
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