Reference no: EM132634279
Question - On January 1, year 1, Laagan Company owned a building with historical cost of 32,000,000 depreciated over a 40 year life on a straight line method. Revaluation model was adopted by the entity in measuring its property, plant and equipment. The building has already been revalued twice with the following fair values:
January 1, Year 2 37,440,000
January 1, Year 4 44,400,000
Required -
1. What is the revaluation surplus on January 1, Year 2?
2. What is the increase in revaluation surplus to be recognized as component of other comprehensive income on January 1, year 4?
3. What is the revaluation surplus to be reported in the statement of changes on December 31, Year 4?
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