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Find revaluation surplus in equity section of Light Compnay

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Reference no: EM132571510

Question - Light Company bought a machine for 300,000 on January 1, 20x8. The machine's useful life is 10 years and it is estimated to have a zero residual value and is depreciated using the straight-line method.

The revalued amount of the machine is as follows:

December 31 fair values of the machine

20x8 360,000

20x9 335,000

2x10 320,000

Find the revaluation surplus in the equity section of Light Company's December 31, 20x8 statement of financial position?

a. 39,000

b. 60,000

c. 90,000

d. 63,000

e. Answer not given

Reference no: EM132571510

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