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Question - AT Travel Limited acquired a two-story building for use as an office on June 30, 2022 at $ 2 million. The building is expected to have a useful life of 20 years and a residual value of $100,000.
The company used the straight-line method to depreciate the building. On July 1, 2023, the company paid for $38,000 the completion of the newly built car park lots at the back of the building. The market value of the building was estimated at $2.2 million and $2.5 million on June 30, 2023 t and 2024, respectively.
Required -
1. Determine the carrying amount of the building as at June 30, 2023 and 2024, if the company used the cost method to account for the building.
2. Determine the carrying amount of the building as at June 30, 2023 and 2024, if the company used the revaluation method to account for the building where the balance of the accumulated depreciation on date of revaluation is adjusted using the proportionate restatement method.
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