Question
At 31 Dec X7, a business has a revaluation reserve balance of 20,000 relating to its only property. At 31 Dec X8, the property has
At 31 Dec X7, a business has a revaluation reserve balance of 20,000 relating to its only property.
At 31 Dec X8, the property has a carrying amount of 250,000 but is then revalued at 200,000.
When the financial statements are prepared for the year ending 31 Dec X8, what is the balance on the revaluation reserve relating to the property?
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Financial Accounting
Authors: Jan Williams, Susan Haka, Mark S Bettner, Joseph V Carcello
17th edition
978-1259692390
