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When using the revaluation model of accounting for PP&E assets (asset-adjustment or elimination method), a new depreciation rate must be calculated. depreciation continues to be
When using the revaluation model of accounting for PP\&E assets (asset-adjustment or elimination method), a new depreciation rate must be calculated. depreciation continues to be charged in the original pattern. the related Accumulated Depreciation account is closed to OCl. the difference between fair value and book value is always debited to Revaluation Surplus (OCl)
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