plz solve!! Which among the following statement/s are correct?Statement No1: If a revaluation result shows an increase in value, it should be credited to other comprehensiveincome statement.Statement No - 2: If a revaluation result shows a decrease in value, it should be debited to income statement.Önly statement No 2 is correct.Only statement No 1 is correct.Both statements are correctNone of the statements are correct.

If there is a revaluation surplus, it should be credited to other comprehensive income statement. If…

Answered: revaluation result

Business

Accounting

revaluation result

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter4: Activity-based Costing

Section: Chapter Questions

Problem 7DQ

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