Reference no: EM132888988
DAS Inc. decided to revalue its machine on December 31, 2019, and determined that the current replacement cost is ?1,500,000. The machine, which was purchased last January 1, 2017 for ?1,000,000, has a carrying value of ?400,000. The entity has been consistent in depreciating its machine using the straight-line method. On September 1, 2021, the entity sold the machine for ?140,000.
Problem A) How much is the revaluation surplus as of December 31, 2019 after revaluation?
Option 1: ? 500,000
Option 2: ? 1,100,000
Option 3: ? 600,000
Option 4: ? 200,000
Problem B) How much is the revaluation surplus as of December 31, 2020?
Option 1: ? 100,000
Option 2: ? 550,000
Option 3: ? 200,000
Option 4: ? 300,000
Problem C) How much is the gain(loss) from disposal?
Option 1: ? 160,000 - GAIN
Option 2: ? 40,000 - LOSS
Option 3: ? 160,000 - LOSS
Option 4: ? 40,000 - GAIN
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