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A building was acquired on January 1, 2019, at an original cost of 16,000,000, with zero residual value. Depreciation is computed using Double Declining Balance
A building was acquired on January 1, 2019, at an original cost of 16,000,000, with zero residual value. Depreciation is computed using Double Declining Balance Method. Useful life in years is 20 years. On December 31, 2020, the building is appraised at a fair market value of 14,460,000. The appraisal results are to be recognized in the accounts considering the same remaining life for the building. How much is the amount to be credited to the revaluation surplus on December 31, 2020?
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