A company originally purchased equipment at $45 000. Its carrying amount is now $25 000. The equipment
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A company originally purchased equipment at $45 000.
Its carrying amount is now $25 000.
The equipment is now valued at $47 000.
The journal entry to adjust the asset value under the revaluation model would include a:
a. Debit to accumulated depreciation for $2000
b. Credit to accumulated depreciation for $2000
c. Credit revaluation reserve for $2000
d. Debit revaluation reserve for $2000LO1.
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Minal K
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