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please help me solve this task and explain answer in details A company owns two buildings, A and B, which are currently recorded in the
please help me solve this task and explain answer in details
A company owns two buildings, A and B, which are currently recorded in the books at carrying amounts of $170,000 and $330,000 respectively. Both buildings have recently been valued as follows: Building A $400,000 Building B $250,000 What double entry will need to be made to record the revaluations of buildings A and B ? A) Dr Non-current assets $150,000 Dr Statement of profit or loss $80,000 Cr Other comprehensive income $230,000 B) Dr Non-current assets $150,000 Dr Statement of profit or loss $30,000 Cr Other comprehensive income $180,000 C) Dr Non-current assets $150,000 Cr Other comprehensive income $150,000 D) Dr Non-current assets $150,000 Dr Statement of profit or loss $50,000 Cr Other comprehensive income $200,000 Step by Step Solution
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