A depreciable property costing 1,400,000 with original residual value of 80,000 after 10 years, had been revalued at a replacement cost of 1,680,000 with residual value of 20,000. The age of the asset is four years when it was revalued. What is the revaluation surplus?

A depreciable property costing 1,400,000 with original residual value of 80,000 after 10 years, had been revalued at a replacement cost of 1,680,000 with residual value of 20,000. The age of the asset is four years when it was revalued. What is the revaluation surplus?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 8PA: Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the...

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Definition Video Definition Accounting method wherein the cost of a tangible asset is spread over the asset's useful life. Depreciation usually denotes how much of the asset's value has been used up and is usually considered an operating expense. Depreciation occurs through normal wear and tear, obsolescence, accidents, etc. Video

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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation

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