FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Hilarious Company provided the following data pertaining to machinery on the date of revaluation:

CostReplacement cost

Machinery 4, 500, 000 7, 200, 000

Accumulated depreciation     900, 000

Age of asset     3 years

Revised Life of the asset 10 years

 

Required:

  1. Appreciation or revaluation increase
  2. Carrying amount
  3. Depreciated replacement cost
  4. Revaluation surplus
  5. What is the original life of the asset?
  6. Prepare the journal entry to record the revaluation
  7. Prepare the entry to record the annual depreciation subsequent to revaluation
  8. Prepare the entry to record the piecemeal realization of the revaluation surplus
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