Question 3 Crinckle Co bought an asset for $10,000 at the beginning of 20X6. It had a useful life of five years. On 1 January 20X8 the asset was revalued to $12,000. The expected useful life has remained unchanged (ie three years remain). Required: (a) Account for the revaluation and state the treatment for depreciation from 20X8 onwards (10 marks) (b) What are the purposes of providing for depreciation? (10 marks)