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handwriting solutionnn!!! Answer the following questlons: A property was purchased on 1 January 200 for $2m (estimated deprociable amount $1m - useful economic lifo 50

handwriting solutionnn!!!
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Answer the following questlons: A property was purchased on 1 January 200 for $2m (estimated deprociable amount $1m - useful economic lifo 50 yoars). Annual depreciation of $20,000 was charged from 200 to 204 inclusive and on 1 January 205 the carrying value of the property was $1.9m. The property was revalued to $2.8m on 1 January 205 (estimated depreciable amount $1.35m - the estimated useful economic life was unchanged). Required Caiculate the rovaluation gain and propare tho journal entry to account for the revaluation and compute the rovised annual depreclation charge

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