Question
ABC company has an equipment with a historical cost of AED300,000 and accumulated depreciation of AED 270,000. At the end of the year, the fair
ABC company has an equipment with a historical cost of AED300,000 and accumulated depreciation of AED 270,000. At the end of the year, the fair value of the equipment is estimated to be AED 70,000 and the company decided to revalue the equipment following IFRS.
Required: Make the required journal entries to reflect such a revaluation.
Step by Step Solution
3.51 Rating (168 Votes )
There are 3 Steps involved in it
Step: 1
The journal entry to reflect the revaluation of the equipment following IFRS at year end would be Pa...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Accounting Tools for business decision making
Authors: kimmel, weygandt, kieso
4th Edition
978-0470117262, 9780470534786, 470117265, 470534788, 978-0470095461
