Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mentari Berhad bought a building on 1.1.2016 at a cost of RM300,000. The building has no residual value and its useful life is 20 years.
Mentari Berhad bought a building on 1.1.2016 at a cost of RM300,000. The building has no residual value and its useful life is 20 years. On 31.12.2020, the building has a fair value of RM270,000. The company used revaluation model (accumulated depreciation is eliminated). Which of the following is correct as at 31.12.2020? a. Accumulated depreciation is to be credited at RM75,000 O b. Debit Revaluation Reserve account RM45,000 c. Credit Revaluation Reserve account RM45,000 Od Credit PPE-Building RM45,000 Clear my choice
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started