XYZ Co. acquired an equipment on January 1, 2021, at a cost of $870,000. This equipment has no residual value and is being depreciated on a straight-line basis over a 30-year useful life. On January 1, 2026 (5 years after acquisition), the fair value is determined to be $701,000. XYZ Co. follows the IFRS rule of revaluation. The remaining useful life and residual value estimates are not changed.
Questions
1) The amount of annual depreciation from year 2021 to 2026 is .
2) The NET carrying amount for equipment on January 1, 2026 prior to revaluation is .
3) The amount of revaluation loss the company should recognize on January 1, 2026 is .
4) Assume accumulated depreciation is restated proportionally, the amount of accumulated depreciation after revaluation is .