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On 31 December 2018, a company acquires an intangible asset for $25,000. The asset is revalued at $21,000 on 31 December 2019 and $32,000 on

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On 31 December 2018, a company acquires an intangible asset for $25,000. The asset is revalued at $21,000 on 31 December 2019 and $32,000 on 31 December 2020. The company prepares financial statements on 31 December each year and uses the revaluation model. What is the valuation reserve to be recognized in the other comprehensive income? Answer: 7000

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