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Does maple have a choice in the amount to report

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Reference no: EM132869004

Problem - Maple Corp. owns a building with an original cost of $1,000,000 and accumulated depreciation at the balance sheet date of $200,000. Based on a recent appraisal, the fair value of the building is $850,000.

Required -

a. At what amount will the building be reported on the year-end balance sheet if Maple follows U.S. GAAP?

b. Does Maple have a choice in the amount to report for the building if instead it follows IFRS? What are those choices?

Reference no: EM132869004

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