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Question 19 Egypt Corp. owns equipment that originally cost $100,000. At December 31, 2020, the equipment's book value (after 2020 depreciation was booked) is $60,000.
Question 19 Egypt Corp. owns equipment that originally cost $100,000. At December 31, 2020, the equipment's book value (after 2020 depreciation was booked) is $60,000. It is determined that the fair value of the equipment at this date is $90,000. Although Egypt's policy is to apply the revaluation model using the proportionate method, this is the first time the company has done it. By how much must the accumulated depreciation account be increased (decreased) at December 31, 2020? $(60,000) O $40,000 O $20,000 O $60,000
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