Question
An item of Plant and equipment is carried under the revaluation model and at the reporting date, the accounting records reveal the following information:
An item of Plant and equipment is carried under the revaluation model and at the reporting date, the accounting records reveal the following information: Cost $653 million Accumulated depreciation $178 million At the same date, the fair value of the asset is estimated to be $498 million and its value-in-use is estimated at $511 million. State, in $ millions, the carrying amount at which the Plant and equipment would be reported.
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Income statement Original Revised Sales 6538920 6538920 Cost of goods sold 4326860 4208515 Gross Mar...Get Instant Access to Expert-Tailored Solutions
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
10th Edition
1119491630, 978-1119491637, 978-0470534793
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