- 2b A Company Revalues Its Buildings And Decides To Incorporate The Revaluation Into The Financial Statements The Follo 1 (62.42 KiB) Viewed 17 times
2B) A company revalues its buildings and decides to incorporate the revaluation into the financial statements. The follo
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2B) A company revalues its buildings and decides to incorporate the revaluation into the financial statements. The follo
2B) A company revalues its buildings and decides to incorporate the revaluation into the financial statements. The following information is relevant. Extract from Balance Sheet as at 31/12/07: Buildings: Cost $1,500,000 Deprecation $450,000 $1,050,000 Depreciation has been provided at 2% per annum on a straight line basis. The building is revalued at 30 June 2008 at $1,380,000. There is no change in its remaining estimated future life. Transfers from revaluation reserves to retained earnings are made for the amount of revaluation surplus realized each period. Required: Show the relevant extract of the financial statement as at Dec 31, 2008. (15 marks)
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