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What is the journal entry to revalue the asset to fair value

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Fabrication Ltd has the following details for a piece of equipment:

Equipment                         $ 600,000

Accumulated Depreciation   ($ 150,000)

                                     $ 450,000

  • Fabrication Ltd applies the revaluation model to equipment. The fair value of the equipment is $500,000. The equipment had previously been revalued downwards by $50,000.

Question 1: What is the journal entry to revalue the asset to fair value in accordance with the requirements of AASB 116 Property, Plant and Equipment?

Reference no: EM132505323

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