Lexes LLC bought an equipment on the 1st January 2015 at a cost of OMR 800,000. It is being depreciated over a period of 20 years as per straight line basis. In the year 2018 the company decided to use revaluation model to value its equipment. The market value as on 31st December 2018 as per professional experts was OMR 580,000. Which of the following statement is correct with reference to above situation? None of them There is a revaluation gain at the end of year 2018 The value of equipment at the end of 31st December 2020 shall be 507,500. The accumulated depreciation until 31st December 2020 on equipment shall be OMR 240:000.

Lexes LLC bought an equipment on the 1st January 2015 at a cost of OMR 800,000. It is being depreciated over a period of 20 years as per straight line basis. In the year 2018 the company decided to use revaluation model to value its equipment. The market value as on 31st December 2018 as per professional experts was OMR 580,000. Which of the following statement is correct with reference to above situation? None of them There is a revaluation gain at the end of year 2018 The value of equipment at the end of 31st December 2020 shall be 507,500. The accumulated depreciation until 31st December 2020 on equipment shall be OMR 240:000.

Name: Lexes LLC bought an equipment on the 1st January 2015 at a cost of OM
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Description: Lexes LLC bought an equipment on the 1st January 2015 at a cost of OMR 800,000. It is being depreciated over a period of 20years as per straight line basis. In the year 2018 the company decided to use revaluation model to value its equipment. Themar

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 5MC: During 2019, White Company determined that machinery previously depreciated over a 7-year life had a...

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