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Jay Co needs to revalue a building that it owns. The building was bought for $500,000 and has been depreciated for the last 10 years

Jay Co needs to revalue a building that it owns. The building was bought for $500,000 and has been depreciated for the last 10 years on a 2% straight line basis. Required: Account for the revaluation and state the treatment for depreciation from 2008 onwards.

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