Reference no: EM132901800
Question - The company's financial year end is on the 31st of December each year.
The company's building was revalued at the end of 2018 to NZD 350,000. The revised/remaining economic life at end of 2018 was estimated to be 30 years. The depreciation method remained unchanged following the revaluation. The revised scrap value for the building was NZD 15,000.
The machine has a maximum production capacity of 820,000 units of product G. The company's forecast production (units) is 120,000 (2016), 165,000 (2017), 150,000 (2018), 175,000 (2019) and 210,000 (2020).
The company uses the sum of digits method to depreciate its truck. This truck was disposed at the end of 2020 for a price of NZD 7,500.
A full years depreciation is charged in the year of acquisition of an asset.
Required - Calculate the gain or loss on revaluation of the building.
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Calculate the gain or loss on revaluation of the building
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