The actual carrying of an asset is R650 000 on 1 January 2020. Depreciation for the 2020 Financial year amounts to R50 000. The historical carrying amount on 1 January 2020 amounts to R400 000 and the historical depreciation for the 2020 Financial year is R15 000. On 31 Dec 2020 the asset has a Future value of R750 000. What is the amount of the revaluation that will be taken to Other comprehensive income?

The actual carrying of an asset is R650 000 on 1 January 2020. Depreciation for the 2020 Financial year amounts to R50 000. The historical carrying amount on 1 January 2020 amounts to R400 000 and the historical depreciation for the 2020 Financial year is R15 000. On 31 Dec 2020 the asset has a Future value of R750 000. What is the amount of the revaluation that will be taken to Other comprehensive income?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 4MCQ

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