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The following is included in AFs Disclosure Note 4.13: Intangible assets are recorded at initial cost less accumulated amortization and any accumulated impairment losses. Assume
The following is included in AF’s Disclosure Note 4.13: “Intangible assets are recorded at initial cost less accumulated amortization and any accumulated impairment losses.” Assume that on December 31, 2015, AF decided to revalue its Other intangible assets (see Note 18), and that the fair value on that date was determined to be €500 million. Amortization expense for the year already has been recorded. Prepare the journal entry to record the revaluation.
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