2B) A company revalues its buildings and decides to incorporate the revaluation into the financial statements. The following information is relevant. Extract from Balance Sheet as at 31/12/07: Buildings: Cost $1,500,000 Deprecation $450,000 $1,050,000 Depreciation has been provided at 2% per annum on a straight line basis. The building is revalued at 30 June 2008 at $1,380,000. There is no change in its remaining estimated future life. Transfers from revaluation reserves to retained eamings are made for the amount of revaluation surplus realized each period. Required: Show the relevant extract of the financial statement as at Dec 31, 2008.

2B) A company revalues its buildings and decides to incorporate the revaluation into the financial statements. The following information is relevant. Extract from Balance Sheet as at 31/12/07: Buildings: Cost $1,500,000 Deprecation $450,000 $1,050,000 Depreciation has been provided at 2% per annum on a straight line basis. The building is revalued at 30 June 2008 at $1,380,000. There is no change in its remaining estimated future life. Transfers from revaluation reserves to retained eamings are made for the amount of revaluation surplus realized each period. Required: Show the relevant extract of the financial statement as at Dec 31, 2008.

Name: 2B) A company revalues its buildings and decides to incorporate the r
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Description: 2B) A company revalues its buildings and decides to incorporate the revaluation into thefinancial statements. The following information is relevant.Extract from Balance Sheet as at 31/12/07:Buildings:Cost$1,500,000Deprecation $450,000$1,050,000Depre

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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