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What is the effect of the revaluation adjustment

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Reference no: EM131737297

Problem - Before application of the IFRS Revaluation option, the 12/31/17 balance sheet of the Ney Company included its only building:

Building                              $500,000

A/D                                    (320,000)

Book Value                         $180,000

The fair value at 12/31/17 was $360,000. No revaluation was recorded in prior years. The Proportional Revaluation method is used. What is the effect of the revaluation adjustment on the 12/31/17 Accumulated Depreciation account and the 12/31/17 Total Stockholders' Equity, respectively?

a. $180,000, $360,000

b. $360,000, $180,000

c. $180,000, $320,000

d. $320,000, $180,000

e. $360,000, $360,000

Reference no: EM131737297

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