5. At 31 December 2004, company, owned a building that it had purchased 10 years ago for $800,000. It was being depreciated at 2% per year on the straight line basis. On 1 January 2005 a revaluation to $1,000,000 was recognised. At this date the building had a remaining useful life of 40 years. What is the depreciation charge for the year ended 31 December 2005 and the revaluation surplus balance as at 1 January 2005? What is the depreciation charge for the year ended 31 December 2005 and the revaluation surplus balance as at 1 January 20X5? 11 Depreciation charge for year ended 31 December 20x5 $ 25,000 25,000 20,000 20,000 Revaluation surplus as at 1 January 20x5 $ 200,000 360,000 200,000 360,000 A D