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AISY BERHAD is preparing the financial statements for the financial year ended 31 December 2018. One of the factory was purchased on 1 January 2013 but was revalued at RM1,387,500. The company uses revaluation model and straight line method to depreciate the factory. The accumulated depreciation for the factory is RM112,500 as at 31/12/2018 and the revaluation reserve is RM462,500 as at 1/1/2018. It was determined that the fair value of the factory is RM1,200,000
Required:
Problem 1. Explain in detail how the fair value of the factory is determined.
Problem 2. Show the journal entry to record the revaluation on 31/12/2018
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