Solution-Find what amount should be credited to revaluation

Find what amount should be credited to revaluation reserve

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Reference no: EM132619859

Problem 1: BI owns a building which it uses as its offices, warehouse and garage. The land is carried as a separate non-current tangible asset at the reporting date. BI has a policy of regularly revaluing its non-current tangible assets. The original cost of the building in October 20X2 was $1,000,000; it was assumed to have a remaining useful life of 20 years at that date, with no residual value. The building was revalued on 30 September 20X4 by a professional valuer at $1,800,000. What amount should be credited to the revaluation reserve on 30 September 20X4 for the revaluation of the building?

Reference no: EM132619859

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Find what amount should be credited to revaluation reserve

Reference no: EM132619859

Reference no: EM132619859

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