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Question - Plant cost C100,000 on 1/1/20X1. Depreciation is provided at 20% per annum on the straight-line basis. The fair value is C70 000 at 1/1/20X2. The residual value is assessed to be zero and this has remained unchanged since acquisition.
The company applies the net replacement value method and to transfer the realised portion of the revaluation surplus to retained earnings annually.
Required -
a) Calculate and journalise the change in value of the plant.
b) Calculate and journalise the depreciation of the plant for 20X2.
c) Calculate and journalise the amount of the transfer from the revaluation surplus to retained earnings and explain why the company makes this transfer.
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