Solution-Determine that the plant assets have a fair value

Determine that the plant assets have a fair value

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Reference no: EM13532063

At the end of its first year of operations, Brianna Company chose to use the revaluation framework allowed under IFRS. Brianna"s ledger shows Plant Assets $480,000 and Accumulated Depreciation-Plant Assets $60,000. Prepare journal entries to record the following.

(a) Independent appraisers determine that the plant assets have a fair value of $460,000.

(b) Independent appraisers determine that the plant assets have a fair value of $400,000.

Reference no: EM13532063

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Determine that the plant assets have a fair value

Reference no: EM13532063

Reference no: EM13532063

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