Land Acquisition date 1 Jan 2016 Cost Price (RM) 500,000 Residual Value (RM) Useful Life indefinite Basis of Measurement Revaluation model Depreciation method Not applicable 31 December 2020 fair value of the land is RM480,000. It was revalued to RM530,000 last year. Annual revaluation is necessary. Balance in the revaluation reserve account on 1 January 2020 was RM40,000 (credit). Accounting year end 31 December every year Determine the value of the land that should appear in the Statement of Financial Position as at 31 December 2020 Select one: a. RM570.000 b. RM490,000 O. RM530.000 d. RM480.000

Land Acquisition date 1 Jan 2016 Cost Price (RM) 500,000 Residual Value (RM) Useful Life indefinite Basis of Measurement Revaluation model Depreciation method Not applicable 31 December 2020 fair value of the land is RM480,000. It was revalued to RM530,000 last year. Annual revaluation is necessary. Balance in the revaluation reserve account on 1 January 2020 was RM40,000 (credit). Accounting year end 31 December every year Determine the value of the land that should appear in the Statement of Financial Position as at 31 December 2020 Select one: a. RM570.000 b. RM490,000 O. RM530.000 d. RM480.000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.3.3MBA

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