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How much is the revaluation surplus as of December

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Question - Aye 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 for a 5-yr useful life. On September 1, 2021, the entity sold the machine for 140,000. How much is the revaluation surplus as of December 31, 2019 after revaluation?

Reference no: EM132973498

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