Question
Before application of the IFRS Revaluation option, the 12/31/17 balance sheet of the Ney Company included its only building: Building $500,000 A/D (320,000) Book Value
Before application of the IFRS Revaluation option, the 12/31/17 balance sheet of the Ney Company included its only building:
| Building | $500,000 |
| A/D | (320,000) |
| Book Value | $180,000 |
The fair value at 12/31/17 was $360,000. No revaluation was recorded in prior years. The Proportional Revaluation method is used. What is the effect of the revaluation adjustment on the 12/31/17 Accumulated Depreciation account and the 12/31/17 Total Stockholders' Equity, respectively?
Select one:
a. $180,000, $360,000b. $360,000, $180,000c. $180,000, $320,000d. $320,000, $180,000e. $360,000, $360,000Step by Step Solution
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Auditing The Art and Science of Assurance Engagements
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Joanne C. Jones
13th Canadian edition
133405508, 978-0133405507
