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Prepare the journal entries to revalue the plant

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Question - Larkspur Inc., a publicly listed company, has a building with an initial cost of $413,000. At December 31, 2017, the date of revaluation, accumulated depreciation amounted to $114,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $342,000. Prepare the journal entries to revalue the plant under the revaluation model using the asset adjustment method.

Reference no: EM132784517

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