28. Which of the following statement is correct regarding the reval a. Under U.S. GAAP, the revaluation of PP&E is requ b. Under U.S. GAAP, the revaluation o c. Under IFRS, the revaluation of PP&E is requiresd. the revaluation of PP&ET PP&E is permitted revalustion of PP&E is permitted. For the questions 29-31, use the following information Nokia purchases equipment for $2,000,000 on January 1, 2014. Nokia uses the straight-line method for depreciation. Nokia chooses to revaluate its equipment every December 31. 29. On January 1, 2014, the equipment has a uscful life of s years and its residual Decemmber 31, 2014 is $1,900,000. the book value of the value is zero. The fair value of equipment on After the journal entry on December 31, 2014, what is equipment? a. so. b. $1,600,000 c. $1,900,000 d. $2,000,000 30. In the question 28, how much of "Revaluation G ain (Surplus)" is credited? a. $0 b. $150,000 c. $300,000 d. $1,900,000 1, 2015, the equipment has a useful life of 4 years and its ir value of equipment on December 31, 2014 residual is $1,000,000. 31. On January value is zero. The fai The journal entry a. Revaluation Gain (Surplus) is credited. b. Impairment Loss is debited. c. PP&E is debited. d. None of the above. EE NEXT PAGE