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please help me with this question am practising for exam thanks Answer the following questions : A property was purchased on 1 January 200 for
please help me with this question am practising for exam thanks
Answer the following questions : A property was purchased on 1 January 200 for $2m (estimated depreciable amount $1m useful economic life 50 years). Annual depreciation of $20,000 was charged from 200 to 204 inclusive and on 1 January 205 the carrying value of the property was $1.9m. The property was revalued to $2.8m on 1 January 205 (estimated depreciable amount $1.35m - the estimated useful economic life was unchanged). Required Calculate the revaluation gain and prepare the journal entry to account for the revaluation and compute the revised annual depreciation charge Step by Step Solution
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