Question
Amber Company applies revaluation accounting to plant assets with a carrying value of $800,000, a useful life of 4 years, and no salvage value. Depreciation
Amber Company applies revaluation accounting to plant assets with a carrying value of $800,000, a useful life of 4 years, and no salvage value. Depreciation is calculated on the straight-line basis. At the end of year 2019, independent appraisers determine that the asset has a fair value of $750,000.
a) Please make journal entries for the year 2019.
b) Please make journal entry for depreciation for the year 2020.
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Corporate Governance A Pragmatic Guide For Auditors Directors Investors And Accountants Internal Audit And IT Audit
Authors: Vasant Raval
1st Edition
0367862751, 978-0367862756
