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Problem 29-2 (ACP) Incognito Company provided the following data: Cost Replacement cost Equipment 3,000,000 4,800,000 Accumulated depreciation 750,000 Age of asset 5 years Required: 1.

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Problem 29-2 (ACP) Incognito Company provided the following data: Cost Replacement cost Equipment 3,000,000 4,800,000 Accumulated depreciation 750,000 Age of asset 5 years Required: 1. What is the original useful life of the equipment? 2. Prepare journal entry to record the revaluation. 3. Prepare journal entry to record the annual depreciation after revaluation. 4. Prepare journal entry to record the piecemeal realization of the revaluation surplus

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