8.5 At 31 December 20X3 Q, a limited liability company, owned a building that had cost $800,000 on 1 January 20W4. It was being depreciated at 2% per year. On 31 December 20X3 a revaluation to $1,000.000 was recognised. At this date the building had a remaining useful life of 40 years. What is the balance on the revaluation surplus at 31 December 20X3 and the depreciation charge in the statement of profit or loss for the year ended 31 December 20X4? Depreciation charge for year ended 31 December 20X4 (statement of profit or loss) 24 Revaluation surplus as at 31 December 20X3 (statement of financial position) %24 200,000 360,000 200,000 360,000 25,000 25,000 20,000 20,000 ABCD

8.5 At 31 December 20X3 Q, a limited liability company, owned a building that had cost $800,000 on 1 January 20W4. It was being depreciated at 2% per year. On 31 December 20X3 a revaluation to $1,000.000 was recognised. At this date the building had a remaining useful life of 40 years. What is the balance on the revaluation surplus at 31 December 20X3 and the depreciation charge in the statement of profit or loss for the year ended 31 December 20X4? Depreciation charge for year ended 31 December 20X4 (statement of profit or loss) 24 Revaluation surplus as at 31 December 20X3 (statement of financial position) %24 200,000 360,000 200,000 360,000 25,000 25,000 20,000 20,000 ABCD

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter5: Corporations: Earnings & Profits And Dividend Distributions

Section: Chapter Questions

Problem 31P

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