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Use for questions 21 and 22 -- Franco Company uses IFRS and owns a piece of property, plant and equipment that has a historical cost
Use for questions 21 and 22 -- Franco Company uses IFRS and owns a piece of property, plant and equipment that has a historical cost of 5,000,000. At December 31, 2011, the company reported a valuation reserve of 8,365,000 on all assets subject to revaluation. At December 31, 2012, the property, plant and equipment above was appraised at 5,325,000.21. The above mentioned piece of property, plant, and equipment will be reported on the December 31, 2012 balance sheet at:A. 5,000,000.B. 5,325,000.C. 8,365,000.D. 8,690,000.
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