Synergy ltd purchased a building in 2008 for 20000000 and

Reference no: EM13575422

Synergy Ltd. purchased a building in 2008 for $20,000,000 and as of December 31, 2014 had recorded accumulated depreciation on the building of $6,000,000. On December 31, 2014, the company conducted its first revaluation when the fair value was $24,000,000. Under IAS 16, what is the journal entry to record the transaction?

Reference no: EM13575422

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