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What is correct at end of year with respect to revaluation

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Question 1: Mozart Ltd acquired a building for $1.5 million. Management estimates the value of land to be 40% of cost. The building is estimated to have a useful life of 50 years. After 25 years, the property's fair value is estimated at 1.2 million. It is expected that the life of the building will remain the same and salvage value is expected to be $100 000. What is correct at end of year 25 with respect to the revaluation?

Reference no: EM132894024

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