How much is the revaluation surplus on january

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Question 1: Sun Corporation obtained a building on January 1, 2017 at a cost of $20,000,000. The building had a useful life of 6 years and residual value of $2,000,000. The building was revalued on January 1, 2020 and the revaluation revealed replacement cost of $30,000,000, residual value of $4,000,000 and revised useful life of 8 years from the date of acquisition. How much is the revaluation surplus on January 1, 2020?

Reference no: EM132895683

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