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Company ABC provides the following information at December 31, 2001. Equipment Cost $100,000 Purchases date January 1, 2001 Residual Value $0 Useful Life 5 years
Company ABC provides the following information at December 31, 2001.
Equipment Cost $100,000
Purchases date January 1, 2001
Residual Value $0
Useful Life 5 years Fair Value at December 31, 2016 was $84,000
Using Revaluation Model of IAS 16 and the following method: Restated the A/D proportionately.
1. By how much increase/decrease the Equipment Account at December 31, 2001?
2. By how much increase/decrease the depreciation expense after any adjustment you have made?
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