Question
The carrying amount of machinery X is $70,000 and machinery Y is $40,000. The revaluations performed show $85,000 and $35,000 respectively. On the previous revaluations,
The carrying amount of machinery X is $70,000 and machinery Y is $40,000. The revaluations performed show $85,000 and $35,000 respectively. On the previous revaluations, X's value had been increased by $4,000 and Y's value had decreased by $3,000.
Required:
Account for the increase and the decrease
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Accounting and Auditing Research Tools and Strategies
Authors: Thomas Weirich, Thomas Pearson, Natalie Tatiana
9th edition
1119441915, 1119441919, 978-1-119-3737, 9781119373629 , 978-1119441915
