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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!!!
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 Step by Step Solution
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