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What is recognized in austin net income the year

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Problem 1: Two years ago, Austin Corporation purchased equipment for $400,000. At the end of last year, the equipment had a fair value of $375,000. Assuming Austin uses the revaluation model, what amount, if any, is recognized in Austin's net income this year if the equipment fair value is $410,000?

Option 1: $0.

Option 2: $25,000.

Option 3: $35,000.

Reference no: EM132636916

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