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Krokin reports a revaluation surplus of $1,952. Assume that $1,550 of this amount arose from an increase in the fair value of buildings during the
Krokin reports a revaluation surplus of $1,952. Assume that $1,550 of this amount arose from an increase in the fair value of buildings during the year. Using IFRS, recreate the journal entry that Krokin made to record this increase if they used revaluation method.
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