Wales Remodeling applies revaluation accounting to equipment that is recorded on its books at 800,000, with 100,000
Question:
Wales Remodeling applies revaluation accounting to equipment that is recorded on its books at €800,000, with €100,000 of accumulated depreciation after depreciation for the year recorded. It has determined that the asset is now worth €775,000. The entry to record the revaluation would include a:
a. credit to Equipment of €25,000.
b. debit to Equipment of €75,000.
c. credit to Accumulated Depreciation of €100,000.
d. debit to Revaluation Surplus of €75,000.
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The correct answer is d debit to Revaluation Surplus of 75000 When revalui...View the full answer
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Related Book For 
Financial Accounting With International Financial Reporting Standards
ISBN: 9781119787051
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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