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What is the carrying amount of the equipment on December

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Reference no: EM133001539

Question - Navigation Inc. acquired an equipment on January 1, 2014 at a cost of $2,200,000 including an estimated residual value of $200,000 and twenty (20) years estimated useful life. The replacement cost of the equipment is $2,400,000 on December 30, 2017. The depreciated replacement cost declined to $1,470,000 after two years. If there is a need to gross up, round off percentage to whole number and to nearest dollar.

Required -

1. What is the carrying amount of the equipment on December 31, 2020?

2. What is the balance of the revaluation surplus immediately after revaluation?

Reference no: EM133001539

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